News Releases
24th July 2007
Statement by Delta (Two) Limited regarding J Sainsbury PLC
On 19 July Delta Two announced it had delivered a proposal to the Board of Sainsbury relating to the possibility of Delta Two increasing its interest in Sainsbury by way of a cash offer to acquire the balance of the ordinary share capital of Sainsbury and that no decision had been made regarding any possible offer and that there could be no certainty that any offer for Sainsbury would be made. This continues to be the case.
The proposal submitted to the Board of Sainsbury makes clear Delta Two’ s commitment to strong corporate governance which would be maintained following an offer through the intention to retain an independent non-executive presence on the Board of Sainsbury and separate committees of the Board to monitor the Audit, Nomination and Remuneration functions. Tony Campbell, formerly Deputy Chief Executive of Asda and Chairman of Spirit Group and currently Senior Non-Executive Director of First Choice Holidays plc, has confirmed that he would be prepared to serve as Chairman of Sainsbury if an offer were to be made and were to be successful.
Three Delta, which provides corporate finance advisory services to the Fund of which Delta Two is a subsidiary, has a non-executive advisory board that comprises Sir Peter Middleton, who is Chairman of Three Delta, Nick Land and Sir Christopher Howes. In addition David Mellor is employed as Three Delta’s Business Development Director focusing on future potential investments. He is not an adviser to Delta Two in relation to its possible offer for Sainsbury. Mr Mellor does not advise Qatar on any matters, political or otherwise, and has no direct contact with Qatar.
