10 Mar 2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
10 March 2023
Bonhill Group plc
("Bonhill", the "Company" or the "Group")
Update on Proposed Sale of InvestmentNews LLC
Further to its announcement on 6 February 2023, Bonhill (AIM: BONH) announces that the non-binding offer of $6.5 million in cash received from a US media buyer for the business and assets of InvestmentNews LLC ("InvestmentNews") has been lowered materially and the exclusivity period granted to the potential buyer has therefore ended.
The Company announces that it has received separately a non-binding offer from another US media buyer for the business and assets of InvestmentNews of $4.1 million in cash. In addition, the proposed buyer has agreed to assume InvestmentNews' obligations until January 2028 under the lease on its offices at 685 3rd Avenue, New York with a value of approximately $1.9 million. Subject to the completion of satisfactory due diligence, the Company expects to sign a conditional agreement with the purchaser and publish a circular, which will also contain details of a proposed tender offer, to shareholders as soon as reasonably practicable. A further announcement will be made in due course.
Shareholders are advised that there can be no certainty that any sale or other transaction will be concluded for InvestmentNews, nor as to the terms on which any sale or other transaction may be made.
For further enquiries please contact:
Bonhill Group plc |
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Jonathan Glasspool, Non-executive Chairman Sarah Thompson, Chief Financial Officer | +44 (0)20 7250 7963
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Shore Capital (Nominated Adviser and Broker) |
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Tom Griffiths/David Coaten
| +44 (0)20 7408 4050 |