REG - Science Group PLC Ricardo PLC - Increased Shareholding in Ricardo plc

RicardoAnnouncement

14/03/2025 07:00

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RNS Number : 6438A  Science Group PLC  14 March 2025

 

14 March 2025

 

Science Group plc

(the "Group" or "Science Group")

 

Increased Shareholding in Ricardo plc

 

Science Group has further increased its shareholding in Ricardo plc
("Ricardo") to 9,449,012 shares, equivalent to approximately 15.19% of the
voting rights. The average cost (including fees) is 230 pence per share.
Science Group may or may not increase its shareholding in Ricardo.

 

Science Group is now the second largest shareholder in Ricardo, a British
science and technology company with a brand heritage extending over 100 years.
It is unfortunate that the company has been negatively impacted in recent
years by the board's strategy, weak operational performance with inadequate
focus on profitability and cash flow, excessive executive remuneration and
ineffective governance.

 

The substantial value destruction has resulted in an exodus of institutional
shareholders despite share price levels being around their lowest levels in 15
years, a clear vote of no-confidence in the Ricardo board. It is similarly
notable that no Ricardo board directors have accepted responsibility for the
failure of governance by offering to resign. Ricardo shareholders should hold
the board to account.

 

The strategic investment in Ricardo represents a substantial transaction under
rule 12 of the AIM Rules for Companies ("AIM Rules") and the following
disclosure is made in accordance with Schedule Four of the AIM Rules. Ricardo
reported profit before tax for the year ended 30 June 2024 of £4.3 million
and gross assets at 31 December 2024 of £457.7 million.

 

- Ends -

 For further information:

Science Group plc
 Martyn Ratcliffe, Executive Chair                                               Tel: +44 (0) 1223 875 200
 Jon Brett, Finance Director                                                     www.sciencegroup.com
                                         (https://protect.checkpoint.com/v2/r06/___http:/www.sciencegroup.com___.ZXV3MjpuZXh0MTU6YzpvOjU0ZGI5YzMxZTIyYWRjYjNiNDllZDg0YzAwYjdlYTg0Ojc6ODkyNTpiMmM0ZGYxMGZmNjg5OGUzNTZjZDliYzcxZTZjOWMxY2YxNDJiNjliNzg1Y2E2ZjdiNWUyNWIxMTE3NTdkMjgzOnA6VDpU)

 Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
 Simon Bridges, Andrew Potts                                                     Tel: +44 (0) 20 7523 8000
 MHP
 Reg Hoare                                                                       Tel: +44 (0) 7831 406117

 

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