REG - Bonhill Group PLC - Update on Proposed Sale of InvestmentNews LLC

BonhillAnnouncement

10/03/2023 07:00

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RNS Number : 4967S  Bonhill Group PLC  10 March 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

10 March 2023

 

Bonhill Group plc

("Bonhill", the "Company" or the "Group")

 

Update on Proposed Sale of InvestmentNews LLC

 

Further to its announcement on 6 February 2023, Bonhill (AIM: BONH) announces
that the non-binding offer of $6.5 million in cash received from a US media
buyer for the business and assets of InvestmentNews LLC ("InvestmentNews") has
been lowered materially and the exclusivity period granted to the potential
buyer has therefore ended.

 

The Company announces that it has received separately a non-binding offer from
another US media buyer for the business and assets of InvestmentNews of $4.1
million in cash. In addition, the proposed buyer has agreed to assume
InvestmentNews' obligations until January 2028 under the lease on its offices
at 685 3(rd) Avenue, New York with a value of approximately $1.9 million.
Subject to the completion of satisfactory due diligence, the Company expects
to sign a conditional agreement with the purchaser and publish a circular,
which will also contain details of a proposed tender offer, to shareholders as
soon as reasonably practicable. A further announcement will be made in due
course.

 

Shareholders are advised that there can be no certainty that any sale or other
transaction will be concluded for InvestmentNews, nor as to the terms on which
any sale or other transaction may be made.

 

For further enquiries please contact:

 Bonhill Group plc
 Jonathan Glasspool, Non-executive Chairman     +44 (0)20 7250 7963

 Sarah Thompson, Chief Financial Officer

 Shore Capital (Nominated Adviser and Broker)
 Tom Griffiths/David Coaten                     +44 (0)20 7408 4050

 

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