24 Jan 2017 07:00
24 January 2017
MBL Group PLC
("MBL" or the "Company")
Strategic Review Update
Set out below is a copy of the letter that the Company sent to shareholders on 23 January 2017:
"Dear Shareholder,
We thought it would be helpful to provide you with an update as to the progress that we have made so far in relation to the strategic review.
We have been keen to ensure that the Company gets the best value it can and so have spoken to a number of corporate finance houses and asked them to provide us with fee quotes for the work that needs to be done regarding the proposed sale of the Company's trading subsidiaries. We are in the process of reviewing those quotations and will be appointing an adviser very shortly.
In the meantime we have started to collate the information that we know will be asked for by prospective purchasers so that we have this to hand when we start the formal sales process. We have also been discussing with our legal and accounting advisers what, if any, changes need to be made to the Group's structure to make sure that it is in the best shape possible for a sale. This work is ongoing.
I am also pleased to let you know that we have had expressions of interest from a number of parties for each trading subsidiary. Whilst we will instruct a corporate finance adviser to work with us in managing and running a formal sales process, it would also be helpful to know if you may be interested in acquiring either of the Company's trading subsidiaries. If you are could I please ask that you formally confirm your interest in writing to me or my colleague, Peter Palframan, by no later than 6 February 2017, so that we can ensure that you are included in the process. You can contact either of us on email or by writing to me at the Company's registered office. Our contact details are as follows:
tim.jackson-smith@mblgroup.co.uk
ppalframan@btinternet.com
We look forward to hearing from you.
Yours sincerely
Tim Jackson-Smith
Chairman"
A copy of the letter will be available on the Company's website, www.mblgroup.co.uk, from today.
ENDS
For further information, please contact:
MBL Group plc Tel: 01772 440440
Tim Jackson-Smith / Peter Palframan
SPARK Advisory Partners Limited Tel: 0113 370 8970
(NOMAD)
Sean Wyndham-Quin
Mark Brady