Since the possible offer for IDS by EP Group announced on 17 April 2024, the Trustee has been actively engaging with EP Group to seek a legally binding commitment to preserve the current governance structure of the Plan.
As a result of these discussions, the Trustee has reached agreement with EP Group to preserve the current governance structure of the Plan for a period of five years, subject to the takeover being approved and completed.
This undertaking gives the Trustee, and members, confidence that, should the takeover complete, the necessary expertise and independence will remain on the Trustee board, irrespective of a change of owner. This in turn provides the necessary stability for the Trustee to continue to look after members’ interests going forward.
Please be assured that there is no change to your benefits and there is no action that you need to take.
None of the statements in this announcement, or any of the contractual commitments from EP Group to the Trustee referred to above, are “post-offer undertakings” for the purposes of Rule 19.5 of the Takeover Code.
