REG - Kinovo PLC - Statement regarding Rule 2.8 announcement

KinovoAnnouncement

20/09/2023 07:00

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RNS Number : 9842M  Kinovo PLC  20 September 2023

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For immediate release

20 September 2023

Kinovo plc

("Kinovo" or the "Company")

Statement regarding Rule 2.8 announcement by Rx3 Holdings

The Company notes the announcement released yesterday by Rx3 Holdings Limited
("Rx3") stating that it does not intend to make a firm offer for Kinovo.
Accordingly, Rx3 is now subject to the restrictions under Rule 2.8 of the City
Code on Takeovers and Mergers (the "Code") and Kinovo is no longer deemed to
be in an 'Offer Period', as defined in the Code.

 

Rx3 and Tipacs2 Limited ("Tipacs2") are both ultimately owned by Mr Tim Scott,
a c.29.58% shareholder in the Company.

 

As announced on 1 September 2023, the Directors concluded that if the possible
offer of 56 pence per share ("Possible Offer Price") was made by Rx3, the
Board would not recommend it to shareholders. This followed a process of
consultation with certain key shareholders and considered direct shareholder
feedback in reaching this conclusion.

 

The Directors would emphasise that no improvement in the offer price was
either discussed or offered by Rx3 following the Board's rejection of the
Possible Offer Price. Given the Board's view that the Possible Offer Price was
at an unsatisfactory level the Directors did not believe it was appropriate to
allow Rx3 to undertake due diligence.

 

The Directors note the comments by Rx3 on the DCB projects. The projects were
specifically addressed in the Company's full year results which were published
on 11 July 2023.

 

The Company intends to release a trading update on its performance for the six
months to 30 September 2023 in early November 2023, and can confirm that this
is expected to be in line with expectations.

 

The Board remains confident about the prospects of Kinovo and shareholders do
not need to take any action.

 

Enquiries

 Kinovo plc
 Sangita Shah, Chair                                                           +44 (0)20 7796 4133

 David Bullen, Chief Executive Officer                                         (via Hudson Sandler)

 Canaccord Genuity Limited (Financial Adviser, Nominated Adviser and Broker)   +44 (0)20 7523 8000
 Bobbie Hilliam

 Adam James

 Andrew Potts

 Harry Rees

 Hudson Sandler (Financial PR)                                                 +44 (0) 20 7796 4133
 Dan de Belder
 Harry Griffiths

 

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