2 Nov 2022 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
2 November 2022
Bonhill Group plc
("Bonhill", the "Company" or the "Group")
Trading Statement
and
Update on Strategic Review and Formal Sale Process
Bonhill Group plc (AIM: BONH), a leading B2B media business specialising in financial services providing media, events and data & analytics, announces a trading update and progress with the formal sale process.
Trading Statement
On 10 October 2022, the Company announced that its Board expected revenues of approximately £15.0 million and an EBITDA loss of approximately £0.35 million for the year ending 31 December 2022 ("FY2022"), from continuing operations1. Following weeks of political and economic uncertainty, particularly in the UK, the Company has seen a further softening in its markets and a reluctance by some clients to release further marketing spend in FY2022, in particular, around COP 27, which takes place from 6 to 18 November 2022.The Board is however pleased with recent progress in the US at its InvestmentNews subsidiary, where there has been a stabilisation in both forward bookings and general trading. Accordingly, the Board now expects revenues of approximately £14.5 million and an EBITDA loss of approximately £0.6 million for FY2022, from continuing operations1.
Update on Strategic Review and Formal Sale Process
Further to its announcement on 10 October 2022 that it was undertaking a strategic review and the launch of a formal sale process, the Company provides the following update.
The Board has been pleased by the strong level of interest received since 10 October 2022 from a range of potential buyers of either the Group in its entirety or distinct parts of it. A data room has been prepared and a management information pack is being finalised which will be shared shortly with bona fide potential purchasers who have entered into confidentiality agreements. A further announcement will be made in due course.
Shareholders are advised that there can be no certainty that any offers will be made as a result of the formal sale process, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made.
1 Following its disposal on 25 August 2022, the Company's Business Solutions Group ("BSG") division has been classified as a discontinued operation.
For further enquiries please contact:
Bonhill Group plc
Jonathan Glasspool, Non-executive Chairman +44 (0)207 638 6378
Patrick Ponsford, Group CEO +44 (0)7714 660 943
Shore Capital (Financial Adviser, Nominated Adviser and Broker) +44 (0)20 7408 4050
Tom Griffiths/David Coaten
About Bonhill Group plc
Bonhill Group plc is a leading, AIM-quoted, B2B media company providing Business Information, Events and Data & Insight propositions to the global Financial Services community. Bonhill operates multiple digital platforms, has market leading media brands, hosts over 100 events per annum, offers a portfolio of data & analytics propositions and provides a range of content marketing solutions.
Bonhill operates exclusively in the financial services space where its brands and services are acknowledged as market leaders. It specialises in enhancing the relationship and flow of information between the global community of financial services providers and the advisers who recommend their products. Bonhill was early to recognise the growing importance of ESG in asset allocation and fund selection and now owns the leading global platform in this space, serving the adviser community.
Flagship brands include: InvestmentNews, ESG Clarity, Portfolio Adviser, Fund Selector Asia, Expert Investor Europe, UK Adviser and International Adviser.
Offices in New York, London, Singapore and Hong Kong.
For more information visit www.bonhillplc.com.
IMPORTANT NOTICES
Shore Capital and Corporate Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA") and is acting exclusively as Financial Adviser, Nominated Adviser and Broker and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Bonhill for providing the protections afforded to its clients nor for providing advice in relation to the subject matter of this announcement.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
This announcement (including any information incorporated by reference in this announcement), oral statements made regarding the formal sale process, and other information published by the Group contain statements about the Group that are or may be deemed to be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof, may be forward looking statements.
These forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers should not rely on such forward-looking statements, which speak only as of the date of this announcement. The Group disclaims any obligation or responsibility to update publicly or review any forward-looking or other statements contained in this announcement, except as required by applicable law.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Publication on website
A copy of this announcement will be made available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on the Group's website at www.bonhillplc.com by no later than 12 noon (London time) on the business day following the date of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.