3 May 2023 07:00
3 May 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
Stevenage Circuits Sale Process
Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, announces the launch of a sale process for the Stevenage Circuits business, in order to allow the Company to focus its financial and management resources more fully on its core IHT business.
On 30 March 2023 the Company announced that, following an impairment review of Stevenage Circuits Limited ("SCL"), there would be an impairment charge related to SCL as laid out in that announcement.
Following a further internal review, the Board has resolved to commence a sale process for SCL (the "SCL Sale Process"). The SCL Sale Process may be by way of the sale of SCL (a 100% owned Group subsidiary), or by way of a business and assets sale or similar. The Board will assess the merits of expressions of interest received pursuant to the SCL Sale Process but wishes to be clear that there can be no certainty that a sale will go ahead, nor as to the terms of any such sale. Should a sale go ahead, the timing of the sale and receipt of any proceeds remains uncertain. Further details are provided below.
SCL operates from the Group's Stevenage site and forms the majority of the Group's Advanced PCB (APCB) business. Disposal of SCL would not impact the IHT business and would remove the risk of SCL diverting resources away from the IHT business.
The SCL Sale Process
The Board is in the process of appointing a sales agent for the SCL Sale Process. The intent is to conduct a targeted process, focused on securing a buyer who understands and values the full potential of SCL. Parties with an interest in submitting any proposal in relation to SCL should contact Paul Cook via investors@trackwise.co.uk.
The Board reserves the right to alter any aspect of the SCL Sale Process or to terminate it at any time and in such cases will make an announcement as appropriate. Further announcements will be made as and when appropriate.
Enquiries
Trackwise Designs plc | +44 (0)1684 299 930 |
Philip Johnston, CEO | www.trackwise.co.uk |
Paul Cook, CFO
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finnCap Ltd | +44 (0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby/Fergus Sullivan - Corporate Finance Andrew Burdis/Barney Hayward - ECM
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Alma PR | +44 (0)20 3405 0205 |
Financial PR and IR | |
David Ison/ Kieran Breheny/Pippa Crabtree |
Notes to editors
Trackwise is a UK-based, King's Award winning, manufacturer of specialist products using printed circuit technology.
The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harnesses in a variety of industries.
The Company operates from three sites, located in Tewkesbury, Stonehouse and Stevenage. It serves customers in Europe and North America.
Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.