Business
Update on strategic review and formal sale process
Update on strategic review and formal sale process.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \nRNS Number : 3473I Imaginatik PLC 21 March 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nFOR IMMEDIATE RELEASE\n21 March 2018\nImaginatik PLC (\"Imaginatik\" or the \"Company\")\nUpdate on strategic review and formal sale process\nOn 1 February 2018, the Company announced the commencement of a strategic review, which included a potential sale of the Company conducted within the formal sale process framework (as set out in Note 2 of Rule 2.6 of the City Code on Takeovers and Mergers (the \"Takeover Code\")).\nThe Board of Imaginatik is pleased to provide an update to shareholders. \nFollowing the announcement of 1 February, the Company has received approaches, directly and through potential buyers contacted by RSM & Co (UK) Limited (\"RSM\") as financial adviser to the Company. Potential buyers wishing to participate in the formal sale process were required to sign a non-disclosure agreement, after which they received further information on the Company. Potential buyers then submitted proposals to RSM for the Board's consideration.\nAs a result, the Board is now engaged in detailed discussions with certain parties about the sale of the Company, with the aim of announcing the outcome of the process by the end of May.\nAs previously announced, The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code for so long as it is participating in the formal sale process.\nThere can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.\nThe Board of Imaginatik reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate. The Board of Imaginatik also reserves the right to reject any approach or terminate discussions with any interested party at any time.\nTrading update\nAs with previous years, the Company will l...