TCN.L Regulatory News (TCN)

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. 

18 August 2021

Tricorn Group PLC ("TCN" or "the Company")

Company Update, Termination of Formal Sale Process, and Statement re Suspension

Tricorn Group plc ('Tricorn', 'Company' or the 'Group'), (AIM: TCN.L) the tube manipulation specialist, provides the following update.

On 21 July 2021 the Board announced a strategic review. The options being considered included, but were not limited to, a sale of the Company to be conducted under the framework of a "formal sale process" in accordance with the Takeover Code, or the sale of one or more of the Company's operations.

Since that time, the Company and its advisers have engaged in discussions with various parties. 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.

In light of the continuing pressure on immediate working capital requirements and cash constraints the Board has concluded that, in the absence of a viable solution for additional funding or an offer for the shares of the Company, in the time available it would be in the best interests of stakeholders as a whole 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.

Following this decision, the Board has concluded the strategic review. With the conclusion of the strategic review, the Company is no longer in an "offer period" as defined by the City Code on Takeovers and Mergers (the "Takeover Code") and the disclosure requirements pursuant to Rule 8 of the Takeover Code are no longer applicable as from the time this announcement is released.

It is expected that, in the event such transaction(s) conclude, these would be likely to be conducted out of administration, in order to safeguard the continuity of the operation and employment, and consequently the consideration receivable by the Company is unlikely to result in any value for equity shareholders.

Suspension of trading on AIM

At the request of the Company, trading on AIM in the Company's ordinary shares have been suspended from 7.45 a.m. today, pending clarification of its financial position.

Further announcements will be made in due course.

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