REG - Science Group PLC Ricardo PLC - Shareholding in Ricardo over 20%

RicardoAnnouncement

08/04/2025 07:02

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250408:nRSH0079Ea&default-theme=true

RNS Number : 0079E  Science Group PLC  08 April 2025

 

8 April 2025

 

Science Group plc

(the "Group" or "Science Group")

 

Shareholding in Ricardo over 20%

 

Science Group has increased its strategic investment in Ricardo plc
("Ricardo") to 12,492,623 shares, equivalent to approximately 20.08% of the
voting rights. The 20% threshold is a key strategic investment milestone,
achieved in just 7 weeks, at an average cost (including fees) of 236 pence per
share. Science Group may or may not increase its shareholding in Ricardo.

 

At 4 April 2025, adjusting for the capital allocated to the strategic
investment, Science Group retained significant cash resources of £21.2
million and net funds of £9.3 million. The Group's recently renewed revolving
credit facility (£30 million plus £10 million accordion, expiring in 2030)
remains undrawn.

 

The Science Group shareholding was acquired at levels last seen in 2010
following disappointing Ricardo operating performance and investor loss of
confidence. However, since the Ricardo Board was evidently unable to manage
the company through the "market headwinds" of 2024, there remains little
confidence in the ability to navigate the global storms developing in 2025.

 

Science Group's concerns have been set out in the announcements on 17 March
2025 (www.sciencegroup.com/news-detail/response-to-ricardo-plc-17-03-25
(http://www.sciencegroup.com/news-detail/response-to-ricardo-plc-17-03-25) )
and 31 March 2025 (www.sciencegroup.com/news-detail/update-on-ricardo-plc
(http://www.sciencegroup.com/news-detail/update-on-ricardo-plc) )

 

In summary, Science Group considers it extraordinary that, with such poor
operating performance compounded by ineffective governance, the Ricardo Board
refuses to accept responsibility. The Chairman is ultimately accountable to
shareholders for the destruction of shareholder value and his position is
clearly untenable.

 

In light of the recent market/economic volatility, increasing significantly in
the past week, the need to effect change at Ricardo is even more pressing. The
future strategy now needs to be defined by a realigned Board, reflecting the
current market environment and a reprioritisation of shareholders' interests.
 

 

 

 

- 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

                                         sciencegroup@mhpgroup.com

 

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  MSCEANLXEEASEFA