19 Aug 2021 14:43
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as implemented into English law ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
19 August 2021
Tricorn Group PLC ("Tricorn" or "the Company")
Notice of Intention to Appoint Administrators and Resignation of Nomad
On 18 August 2021, the Company announced the conclusion of its strategic review and, in light of the continuing pressure on immediate working capital requirements and cash constraints, the decision of the Board to pursue a sale of the Company's trading operations and/or subsidiaries in order to secure the best possible outcome for creditors, suppliers, customers, and staff.
Indicative offers have been received from certain parties for the acquisition of the trading operations and/or subsidiaries of the Company on a going concern basis, and discussions are ongoing with further parties which may lead to indicative offers on a similar basis.
Following discussions with its advisors, it is expected that this process will now be conducted out of administration, to safeguard the continuity of operations and employment, and consequently the consideration receivable by the Company is unlikely to result in any value for equity shareholders.
The Board has resolved to file a notice of intention to appoint administrators to the Company and its UK subsidiary, Tricorn UK Limited. Unless circumstances change, and in accordance with statutory requirements, the Board intends to appoint administrators within 10 business days.
Arden Partners plc has resigned as Nominated Adviser and Broker, respectively, to Tricorn with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, admission of the Company's securities to trading on AIM will be cancelled.
Trading in the Company's ordinary shares on AIM remains suspended pursuant to the notice of 18 August 2021.
Further announcements will be made in due course.
Enquiries:
Tricorn Group plc Andrew Moss, Chairman Michael Stock, Chief Executive and Group Finance Director | www.tricorn.uk.com +44 (0)7768 306 701 +44 (0)7894 784 106 | |