Trading Update and PUSU deadline extension
20/03/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240320:nRST5014Ha&default-theme=true
RNS Number : 5014H Equals Group PLC 20 March 2024
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND
MERGERS (THE "CODE") AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN
OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL
BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.
FOR IMMEDIATE
RELEASE
20 March 2024
Equals Group plc
("Equals", the "Group" or the "Company")
Trading Update, Strategic Review Update and extension of PUSU Deadline
Trading Update
The Board is pleased to provide an update on the Company's current trading,
which continues to be in line with the Board's expectations. Trading in the
first quarter of FY-2024 up to 15 March 2024 (the "Period") has continued the
strong growth trajectory of FY-2023 with Revenues in the Period reaching
£22.2 million, up from £17.4 million in the same period in FY-2023,
representing an increase of 28%. In keeping with recent trends, trading has
been robust across the business with particularly strong growth from
Solutions.
Further detail will be provided in the Company's final results which will be
released on Tuesday 16 April 2024, along with a further trading update.
Strategic Review Update
On 1 November 2023 the Board of Equals Group plc ("Equals" or the "Company")
(AIM: EQLS) announced that it is conducting a review of the Company's
strategic options (the "Strategic Review") and that as part of this process,
the Company has contacted a limited number of potential counterparties
including Madison Dearborn Partners, LLC, to assess whether such parties could
put forward a proposal that would deliver greater value to Equals'
shareholders than pursuing a standalone independent strategy (the "Strategic
Review").
The Board also noted in its announcement of 1 November 2023 that any such
proposal could include an offer for the entire issued and to be issued share
capital of the Company and as such the effect of the announcement was to
commence an 'offer period' in respect of the Company in accordance with the
Takeover Code (the "Code").
Whilst the Board recognises the time elapsed since the commencement of the
Strategic Review, it considers it to be in the best interests of shareholders
that the Strategic Review remains ongoing to allow further time for it to
reach its conclusion.
PUSU Extension
The announcement of 1 November 2023 stated that, in accordance with Rule
2.6(a) of the Code, by not later than 5.00 pm on 29 November 2023, Madison
Dearborn Partners, LLC must either announce a firm intention to make an offer
for Equals under Rule 2.7 of the Takeover Code or announce that it does not
intend to make an offer for Equals, in which case the announcement will be
treated as a statement to which Rule 2.8 of the Takeover Code applies (the
"PUSU Deadline"). That deadline was first extended to 5.00 pm on 27 December
2023, as announced by the Company on 29 November 2023, and then extended to
5.00 pm on 24 January 2024, as announced on 27 December 2023, and then further
extended to 5.00 pm on 21 February 2024, as announced on 24 January 2024, and
then further extended to 5.00 pm on 20 March 2024, as announced on 21 February
2024.
As part of the Strategic Review, discussions are ongoing between Equals and
Madison Dearborn Partners LLC and, to allow further time for these discussions
to take place, the Board of Equals has requested that the Panel on Takeovers
and Mergers (the "Panel") extends the PUSU Deadline further.
In the light of this request, an extension has been granted by the Panel and,
in accordance with Rule 2.6(a) of the Code, Madison Dearborn Partners LLC is
required, by not later than 5.00 pm on 17 April 2024, either to announce a
firm intention to make an offer in accordance with Rule 2.7 of the Code or to
announce that it does not intend to make an offer, in which case the
announcement will be treated as a statement to which Rule 2.8 of the Code
applies. This revised PUSU Deadline may be extended with the consent of the
Panel, at Equals' request, in accordance with Rule 2.6(c) of the Code.
There can be no certainty either that an offer will be made nor as to the
terms of any offer, if made.
A further announcement will be made when appropriate.
For more information, please contact:
Equals
+44 (0) 20 7778 9308
Ian Strafford-Taylor / Richard Cooper
Canaccord Genuity (Financial Adviser to
Equals) +44 (0)
20 7523 8000
Sunil Duggal / Bill Gardiner
Lazard (Financial Adviser to
Equals)
+44 (0) 20 7187 2000
Nicholas Millar / Jason Welham
Canaccord Genuity (Nominated Adviser & Sole Broker to Equals) +44
(0) 20 7523 8000
Max Hartley / Harry
Rees
Buchanan (Financial Communications for Equals)
+44 (0) 20 7466 5000
Henry Harrison-Topham / Toto Berger / Stephanie
Whitmore
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END TSTEAEDNFADLEAA