24 Jul 2023 07:00
24 July 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
Trackwise Designs plc 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 business.
On 21 July 2023 the Company announced that, after working with a Tier-1 for more than a year on the opportunity to supply Cell Connection System FPCAs to the Tier-1, for onward assembly and supply to OEM B, Trackwise has been informed by the Tier-1 that the Tier-1 has not been successful in obtaining nomination from OEM B and, as a result, the Board is reviewing all options for TWD.
Following a further internal review, the Board has resolved to commence a sale process for TWD (the "TWD Sale Process").
Parties that are potentially interested in the acquisition of, or investment in, Trackwise Designs plc should contact the Corporate Finance Team at FRP Advisory Trading Limited using the following email address trackwise@frpadvisory.com.
The Board reserves the right to alter any aspect of the TWD 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.
The SCL Sale Process
On 3 May 2023 the Company announced that it was in the process of appointing a sales agent for the SCL Sale Process. Initial offers have been received and are being assessed.
Parties that are potentially interested in the acquisition of, or investment in Stevenage Circuits Limited should contact the Corporate Finance Team at FRP Advisory Trading Limited using the following email address trackwise@frpadvisory.com.
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
| |
finnCap Ltd | +44 (0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby/Fergus Sullivan - Corporate Finance Andrew Burdis/Barney Hayward - ECM
| |
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.