Tricorn Group PLC Stmt re Suspension and End of Formal Sale Process (0247J)
18 8월 2021 - 5:30PM
UK Regulatory
TIDMTCN
RNS Number : 0247J
Tricorn Group PLC
18 August 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as
implemented into English law ("MAR"). Upon the publication of this
announcement via a Regulatory Information Service, this inside
information will be considered to be in the public domain.
18 August 2021
Tricorn Group PLC ("TCN" or "the Company")
Company Update, Termination of Formal Sale Process, and
Statement re Suspension
Tricorn Group plc ('Tricorn', 'Company' or the 'Group'), (AIM:
TCN.L) the tube manipulation specialist, provides the following
update.
On 21 July 2021 the Board announced a strategic review. The
options being considered included, but were not limited to, a sale
of the Company to be conducted under the framework of a "formal
sale process" in accordance with the Takeover Code, or the sale of
one or more of the Company's operations.
Since that time, the Company and its advisers have engaged in
discussions with various parties. Indicative offers have been
received from certain parties for the acquisition of the trading
operations and/or subsidiaries of the Company on a going concern
basis, and discussions are ongoing with further parties which may
lead to indicative offers on a similar basis.
In light of the continuing pressure on immediate working capital
requirements and cash constraints the Board has concluded that, in
the absence of a viable solution for additional funding or an offer
for the shares of the Company , in the time available it would be
in the best interests of stakeholders as a whole to pursue a sale
of the Company's trading operations and/or subsidiaries in order to
secure the best possible outcome for creditors, suppliers,
customers, and staff.
Following this decision, the Board has concluded the strategic
review. With the conclusion of the strategic review, the Company is
no longer in an "offer period" as defined by the City Code on
Takeovers and Mergers (the "Takeover Code") and the disclosure
requirements pursuant to Rule 8 of the Takeover Code are no longer
applicable as from the time this announcement is released.
It is expected that, in the event such transaction(s) conclude,
these would be likely to be conducted out of administration, in
order to safeguard the continuity of the operation and employment,
and consequently the consideration receivable by the Company is
unlikely to result in any value for equity shareholders.
Suspension of trading on AIM
At the request of the Company, trading on AIM in the Company's
ordinary shares have been suspended from 7.45 a.m. today, pending
clarification of its financial position.
Further announcements will be made in due course.
Enquiries
Tricorn Group plc www.tricorn.uk.com
Andrew Moss, Chairman +44 (0)7768 306 701
Michael Stock, Chief Executive and Group Finance Director +44 (0)7894 784 106
Arden Partners plc (financial and Rule 3 adviser, nominated adviser and broker) +44 (0)20 7614 5900
Richard Johnson
Steve Douglas
Oscair McGrath
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END
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(END) Dow Jones Newswires
August 18, 2021 04:30 ET (08:30 GMT)
Tricorn (LSE:TCN)
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부터 11월(11) 2024 으로 12월(12) 2024
Tricorn (LSE:TCN)
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부터 12월(12) 2023 으로 12월(12) 2024
