REG - Ricardo PLC - Response to Science Group plc

RicardoAnnouncement

17/03/2025 14:30

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RNS Number : 9842A  Ricardo PLC  17 March 2025

 

FOR IMMEDIATE RELEASE

 

Ricardo plc ("Ricardo" or the "Company")

 

Response to Science Group plc ("Science Group")

 

The Board of Ricardo (the "Board") notes the announcement made by Science
Group on 17 March 2025.

Science Group's statement is in line with the aggressive approach it has taken
in its communications with Ricardo since it became a shareholder and initially
met with Company management on 5 March 2025 following the release of the
Company's interim results.

Since then, the Company's attempts to engage in constructive discussions with
Science Group have been rebuffed, while Science Group has continued to build
its shareholding to take advantage of the Company's low share price.  During
this time, it also informed the Company of its proposal to replace Board
directors with its own nominees and made clear it was prepared to requisition
a general meeting of the Company to seek to achieve this.  Given Ricardo's
obligations as a listed company, the Board believes it is entirely appropriate
for Ricardo's shareholders to be informed of Science Group's stated
intentions.

Science Group's earlier announcement omits the key point for Ricardo's
shareholders: that Science Group is looking to replace Board directors of the
Company and take effective control of the Board without paying a premium for
that control.  This strategy has been employed by Science Group in prior
situations.

This is a highly unwelcome distraction for the Company at a time when it is
working to execute its strategy to improve the business and deliver value for
all Ricardo shareholders.

The Board will at all times act in the best interests of the Company and looks
forward to sharing further details of its plans with all of its shareholders
in due course.

 

 Investor and media relations
 Ricardo plc  Graham Ritchie    Tel 01273 455 611

              Judith Cottrell   Investors@ricardo.com (mailto:Investors@ricardo.com)

              Natasha Perfect

 SEC Newgate  Bob Huxford       Tel 020 7680 6882

              Ian Silvera       Ricardo@secnewgate.co.uk (mailto:Ricardo@secnewgate.co.uk)

 

This announcement has been issued by, and is the sole responsibility of
Ricardo plc.

The person responsible for arranging the release of this announcement on
behalf of Ricardo is Harpreet Sagoo (Group General Counsel and Company
Secretary).

 

About Ricardo plc

Ricardo plc is a global strategic, environmental, and engineering consulting
company, listed on the London Stock Exchange. With over 100 years of
engineering excellence and close to 3,000 employees in more than 20 countries,
we provide exceptional levels of expertise in delivering innovative
cross-sector sustainable outcomes to support energy transition and scarce
resources, environmental services, together with safe and smart transport
solutions. Our global team of consultants, environmental specialists,
engineers, and scientists support our customers to solve the most complex and
dynamic challenges to help achieve a safe and sustainable world.
Visit https://www.ricardo.com/en (https://www.ricardo.com/en)

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