Business
Correction Update to TT Directors’ recommendation
TT Electronics PLC has issued a clarification regarding the recommended final offer from Cicor Technologies Ltd. The Share Alternative, which allows TT Shareholders to receive New Cicor Shares for each TT Share, is now valued at 103 pence, a decrease from its previous valuation of 150 pence due to a decline in Cicor's share price. While the TT Directors continue to unanimously recommend the scheme, they now consider only the 150 pence per share All Cash Offer to be fair and reasonable, advising shareholders to consider the updated valuation of the Share Alternative when making their election. Disclaimer*
About this update from Tt Electronics Plc
[{"type":"text","content":"\n\nClarification:\nThe following clarification is being made to the \"Update to the TT Directors' Unanimous Recommendation\" announcement released on 15 December 2025 at 16:36 under RNS 6408L.\nThe current value of the Share Alternative has been clarified to 103 pence, assuming a TT Shareholder elected entirely for New Cicor Shares in respect of each TT Share.\nAll other details remain unchanged.\nThe full text is shown below.\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, 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 \n15 December 2025\nRECOMMENDED FINAL* OFFER\nFOR\nTT ELECTRONICS PLC (\"TT\")\nBY\nCICOR TECHNOLOGIES LTD. (\"CICOR\")\nto be effected by means of a scheme of arrangement\nunder Part 26 of the Companies Act 2006\nUpdate to the TT Directors' unanimous recommendation\nIntroduction\nOn 30 October 2025, the boards of directors of TT and Cicor announced that they had reached agreement on the terms and conditions of a recommended cash and share acquisition pursuant to which Cicor would acquire the entire issued, and to be issued, ordinary share capital of TT (the \"Acquisition\").\nOn 18 November 2025, the boards of Cicor and TT announced that they had reached agreement on the terms of a revised final* offer pursuant to which TT Shareholders will have the ability to receive, for each TT Share held, either 150 pence in cash pursuant to the All Cash Offer, or subject to valid elections being made, 0.0084 New Cicor Shares pursuant to the Share Alternative (subject to the terms of the Share Alternative) (the \"Final Offer\").\nIt is intended that the Acquisition will be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the \"Scheme\"). TT published the circular relating to the Scheme on 25 November 2025 (the \"Scheme Document\"). Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme Document, unless the context requires otherwise. All references to time in this announcement are to London time, unless otherwise stated.\n* The financial terms of the Final Offer are final and will not be increased or improved, except that Cicor has reserved the right to increase the amount of the...