RE: SP29 Feb 2024 13:03
The Board has appointed Ernst and Young LLP("EY") to undertake the Strategic Review and formal sale process. Canaccord Genuity Limited ("Canaccord Genuity") is advising Saietta Group plc in respect of the application of the Takeover Code.
The Group is in discussions with a potential offeror which are at a relatively early stage. As described above, the Board emphasises that a sale of the Group is only one of a number of strategic options to be considered under the Strategic Review. Another option under consideration is to seek investment in the Group. This may offer the scope for existing investors to participate but the Board recognises that, given the current market capitalisation of the Group, a significant investment could trigger the requirement for a waiver under Rule 9 of the Takeover Code.
Parties interested in submitting any expression of interest or other proposal relating to any strategic option for the business, should contact EY through the contact details given below. It is currently expected that any party interested in submitting any form of proposal for consideration within the Strategic Review (including within the formal sale process) will, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with the Group on terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process. The Group then intends to provide such interested parties with certain information on its business, following which interested parties shall be invited to submit their proposals to EY. The Group commences the formal sale process immediately and expects it to run for a short period time.