Equipmake Holdings - Update on Strategic Review and Formal Sale Process
06/01/2025 07:00
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RNS Number : 1476S Equipmake Holdings PLC 06 January 2025
NOT 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.
This is not an announcement of a firm intention by any party to make an offer
under Rule 2.7 of the City Code on Takeovers and Mergers (the "Takeover
Code"). There can be no certainty that an offer will be made for Equipmake
Holdings PLC, nor as to the terms on which any offer may be made.
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). With the publication of
this announcement, this inside information is now considered to be in the
public domain.
6 January 2025
Equipmake Holdings PLC
("Equipmake" or the "Company" or the "Group")
Update on Strategic Review and Formal Sale Process
Equipmake, a market leader in engineering-driven differentiated
electrification technologies, products and solutions across the automotive,
truck, bus and speciality vehicle industries, provides an update following the
announcement of 6 December 2024 relating to the commencement of a strategic
review (the "Strategic Review") and Formal Sale Process.
Since the commencement of the Strategic Review and Formal Sale Process, the
Company has received credible interest from a number of potential strategic
investors, partners and potential acquirers. Discussions with these parties
are ongoing as the Board continues to work to deliver orders for existing
customers and identifying new business to support the pathway to profitability
in the mid-term. The Company remains debt-free, other than a number of
equipment finance lease agreements.
The Board will provide further details of the Strategic Review and Formal Sale
Process as appropriate.
The Company continues to be in an "Offer Period" as defined in the Takeover
Code, and the dealing disclosure requirements continue to apply. For further
information on the Takeover Code and other regulatory disclosures, please
refer to the announcement of 6 December 2024.
**ENDS**
For further information, please contact:
Equipmake Via St Brides Partners
Clive Scrivener, Non-Executive Chairman
Ian Foley, CEO
VSA Capital (Rule 3 and Financial Adviser, Aquis Corporate Adviser and Tel: +44 (0) 20 3005 5000
Broker)
Andrew Raca / Simon Barton
PricewaterhouseCoopers LLP (Financial Adviser) Tel: +44 (0) 20 7583 5000
Jamie Peel / Jon Raggett
St Brides Partners (Financial PR Adviser) Tel: +44 (0) 20 7236 1177
equipmake@stbridespartners.co.uk
Susie Geliher / Paul Dulieu / Will Turner
About Equipmake
Equipmake is a UK-based industrial technology company specialising in the
engineering, development and production of electrification products to meet
the needs of the automotive and other sectors in support of the transition
from fossil-fuelled to zero-emission drivetrains.
Equipmake is a leader in high performance technologically advanced electric
motors, inverters and complete zero-emission electric drivetrains and power
electronic systems. Equipmake has developed a vertically integrated offering
providing fully bespoke solutions to its customers. The Company is focussed on
accelerating traction with OEM and Tier 1 suppliers in relation to higher
margin component and drivetrain supply under long-term growth contracts and
securing high margin licencing transactions.
Key differentiators of the Company offerings are its advanced technology and
performance, reliability and adherence to ASIL-D(1) functional safety.
Equipmake's advanced motor and inverter technology, featuring ASIL-D
compliance, are designed to customers' highest Functional Safety standards.
With decades of experience in electric drivetrain integration and a dedicated
prototype vehicle testing facility, Equipmake can significantly accelerate
product development for customers.
(1) Automotive Safety Integrity Level ("ASIL") is a risk classification scheme
defined by the ISO 26262 - Functional Safety for Road Vehicles standard and is
a critical requirement for road vehicles. Of the four ASILs identified by the
standard, ASIL-D dictates the highest integrity requirements on the product,
which require exceptional rigour in their development.
Important Notices
VSA Capital Limited ('VSA Capital'), which is authorised and regulated by the
FCA in the UK, is acting as Financial Adviser, Aquis Corporate Adviser and
Broker exclusively for Equipmake and no one else in connection with the
matters referred to in this announcement and will not be responsible to anyone
other than Equipmake for providing the protections afforded to its clients or
for providing advice in relation to matters referred to in this announcement.
Neither VSA Capital Limited, nor any of its affiliates, owes or accepts any
duty, liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any person who is
not a client of VSA Capital in connection with this announcement, any
statement contained herein or otherwise.
PricewaterhouseCoopers LLP ('PwC'), which is authorised and regulated by the
FCA in the UK, is acting as Financial Adviser exclusively for Equipmake and
no one else in connection with the matters referred to in this announcement
and will not be responsible to anyone other than Equipmake for providing the
protections afforded to its clients or for providing advice in relation to
matters referred to in this announcement. Neither PwC, nor any of its
affiliates, owes or accepts any duty, liability or responsibility whatsoever
(whether direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of PwC in connection with this
announcement, any statement contained herein or otherwise.
Publication on website
In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement
will be available on the investor section of the Company's website
at https://equipmake.co.uk/investors/ (https://equipmake.co.uk/investors/)
by no later than 12 noon (London time) on the business day immediately
following the date of this announcement. The content of the website referred
to in this announcement is not incorporated into and does not form part of
this announcement.
Miscellaneous
This announcement (including information incorporated by reference in this
announcement), oral statements made regarding the Formal Sale Process, and
other information published by Equipmake may contain statements about
Equipmake that are or may be deemed to be forward looking statements. Such
statements are prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without limitation,
statements containing the words "targets", "plans", "believes", "expects",
"aims", "intends", "will", "may", "anticipates", "estimates", "projects" or
"considers" or other similar words may be forward looking statements. Forward
looking statements inherently contain risks and uncertainties as they relate
to events or circumstances in the future. Important factors such as business
or economic cycles, the terms and conditions of Equipmake's financing
arrangements, tax rates, or increased competition may cause Equipmake's actual
financial results, performance or achievements to differ materially from any
forward-looking statements. Due to such uncertainties and risks, readers are
cautioned not to place undue reliance on such forward-looking statements,
which speak only as of the date hereof. Equipmake disclaims any obligation
to update any forward looking or other statements contained herein, except as
required by applicable law
This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or solicitation of any offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any securities or the
solicitation of any vote or approval in any jurisdiction. This announcement
has been prepared in accordance with English law and the Takeover Code, and
information disclosed may not be the same as that which would have been
prepared in accordance with laws outside of the United Kingdom. The release,
distribution or publication of this announcement in jurisdictions outside of
the United Kingdom may be restricted by laws of the relevant jurisdictions,
and therefore persons into whose possession this announcement comes should
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comply with the restrictions may constitute a violation of the securities law
of any such jurisdiction.
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