Update to Shareholders29 May 2018 10:00
Following extensive eligibility discussions with the UKLA it was concluded that a Standard Listing on the Main UK Market could only materialise if at least one of the following two events were to take place:
Monchhichi gains a controlling shareholding in Sentiance or
Monchhichi acquires a controlling equity interest in a second business in line with its stated investment criteria.
Whilst the Directors have reviewed various additional acquisition options none have resulted in an agreement that could realistically bring about a Listing during 2018.
Sentiance continues to successfully implement its comprehensive business plan and Monchhichi anticipates various corporate updates underlining this positive progress in the months ahead. Monchhichi will automatically notify its shareholders of any new Sentiance press releases.
During the past several months a growing number of Monchhichi shareholders have indicated a desire to sell their ordinary shares. As a result, the Directors have concluded that it would be in the best interest of all shareholders to sell the Company�s minority shareholding in Sentiance far sooner than originally anticipated to facilitate a meaningful capital return to those shareholders who so desire, whilst enabling others an alternative mechanism to participate in the longer term prospects of Sentiance and other related TMI businesses through an unquoted entity.
The timing of the disposal is expected to be prior to this calendar year end and, once crystallised, will enable the Company to pass realisation proceeds to shareholders.
In the intervening period, no additional acquisition options will be reviewed and the Monchhichi organisation will effectively remain dormant and as a result incur minimum ongoing costs.
At the appropriate time and once a disposal agreement has been reached, the Directors will communicate with shareholders through the publication of a comprehensive circular which will set out the full details and the mechanism of the proposed capital return.
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