Last checked at 1 Sep 2023 11:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN 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 FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
1st September 2023
Kinovo plc ("Kinovo" or the "Company")
Statement regarding possible offer
On 24 August 2023, Kinovo announced that it had received a non-binding indicative offer from Rx3 Holdings Limited ("Rx3") which may or may not lead to an offer being made by Rx3 for the entire issued and to be issued share capital of Kinovo at a price of 56 pence per share, payable in cash (the "Possible Offer"). Rx3 and Tipacs2 Limited ("Tipacs2") are both ultimately owned by Mr Tim Scott.
The Directors have concluded that if the Possible Offer of 56 pence per share was made by Rx3 they will not be recommending it to shareholders. The Directors have undertaken a process of consultation with certain key shareholders and considered direct shareholder feedback in reaching this conclusion.
Shareholders are urged to take no action at this time.
This announcement has been made by Kinovo without the approval of Rx3.
In accordance with Rule 2.6(a) of the Code, Rx3 must, by no later than 5.00 p.m. (London time) on 21 September 2023, either announce a firm intention to make an offer for Kinovo in accordance with Rule 2.7 of the Code, or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
Enquiries
Kinovo plc | |
Sangita Shah, Chair David Bullen, Chief Executive Officer
| +44 (0)20 7796 4133 (via Hudson Sandler) |
| |
Canaccord Genuity Limited (Financial Adviser, Nominated Adviser and Broker) | +44 (0)20 7523 8000 |
Bobbie Hilliam Adam James Andrew Potts Harry Rees | |
Hudson Sandler (Financial PR) | +44 (0) 20 7796 4133 |
Dan de Belder | |
Harry Griffiths | |
Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser and corporate broker exclusively for Kinovo and for no one else in connection with the Possible Offer and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than Kinovo for providing the protections afforded to clients of Canaccord Genuity Limited, nor for providing advice in relation to the Possible Offer or any other matter referred to in this announcement.
The person responsible for arranging the release of this announcement on behalf of Kinovo plc is Sangita Shah.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement, this inside information is now considered to be in the public domain.