REG - Bidstack Group PLC - Intention to Appoint Administrators & Suspension

BidstackAnnouncement

11/03/2024 07:00

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RNS Number : 2468G  Bidstack Group PLC  11 March 2024

 

Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

11 March 2024

Bidstack Group Plc

("Bidstack" or the "Company" or the "Group")

Update on Strategic Review, Intention to Appoint Administrators and Suspension
of Trading in Shares

Further to the announcement made on 5 February 2024, Bidstack Group Plc (AIM:
BIDS) announces that the funding alternatives explored as part of the
strategic review, which included exploring a sale of the Company's assets,
have so far not produced any tangible solvent offers, despite a concerted
effort by the Company supported by Alvarez & Marsal Europe LLP which
approached upwards of 200 potential buyers of the Group's business and assets.
There has also been no further progress with Irdeto. Regrettably therefore,
the Board of Bidstack has resolved to file a notice of intention to appoint
managing directors from Alvarez & Marsal Europe LLP as administrators to
the Company today.

 

The Directors are taking this action to protect the interests of the Group's
creditors.

 

In light of the above, the Board announces that it has requested a suspension
of trading in the Company's ordinary shares on AIM with effect from 07.30 a.m.
today.

 

Further announcements will be made in due course.

 

-ENDS-

 

Contacts

 Bidstack Group Plc

 James Draper, CEO                                        via SPARK
 SPARK Advisory Partners Limited (Nominated Adviser)      +44 (0) 203 368 3550

 Mark Brady / Neil Baldwin / James Keeshan
 Stifel Nicolaus Europe Limited (Broker)

 Fred Walsh / Tom Marsh                                   +44 (0) 20 7710 7600
 Alvarez & Marsal Europe LLP (Restructuring Adviser)      +44 (0) 20 7715 5200

 London Office

 

Notes to editors

About Bidstack

Bidstack's technology empowers video game publishers to monetise and manage
spaces within their virtual environments.  Its platform provides real-time
reporting, dynamic targeting and player communication tools for brand
activations and fan engagement.

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