REG - Rosebank Industries - Withdrawal from proposed acquisition

ROSEBANK INDUSTRIESAnnouncement

11/03/2025 18:00

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RNS Number : 2635A  Rosebank Industries PLC  11 March 2025

 

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DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

FOR IMMEDIATE RELEASE

 

 11 March 2025

 

 

Rosebank Industries plc

("Rosebank" or the "Company")

 

Withdrawal from proposed acquisition

and

Lifting of suspension in trading on AIM

 

Rosebank announced on 19 February 2025 that it was in discussions with
affiliates of Cerberus Capital Management, L.P. ("Cerberus") regarding a
potential transaction to acquire Electrical Components International, Inc.
Rosebank today confirms that despite receiving overwhelming support from both
existing shareholders and new investors, in light of the recent market
volatility, the Company has decided it is not in its shareholders' best
interests to proceed with the acquisition at the present time.

Following the publication of this announcement, the Company has requested the
lifting of the share suspension by AIM. This is expected to take place
tomorrow, at 7.30 a.m. on 12 March 2025.

Simon Peckham, Chief Executive, said: "We believe that ECI is a very good
company with a high-quality management team and that it would have been a
highly successful first investment for Rosebank.  Despite a successful equity
fundraising process, it disappointingly became clear that the current
volatility in the political and equity markets meant it was not, at this
moment, in our investors' best interests to proceed.  We would like to thank
investors for their continuing strong support."

 

 

Enquiries:

 

 Rosebank                                                                                                                   Via Montfort Communications
 Simon Peckham, Chief Executive                                                                                             www.rosebankindustries.com

 Matthew Richards, Group Finance Director
 Montfort Communications                                                    +44 7739 701 634 / +44 7921 881 800
 Nick Miles, Charlotte                                                      miles@montfort.london/mcmullen@montfort.london
 McMullen
 Investec Bank plc (Nominated Advisor)                                                                        +44 (0)20 7597 5970
 Carlton Nelson, Christopher Baird

This announcement is released by Rosebank Industries plc and contains inside information. The person responsible for arranging for the release of this announcement on behalf of Rosebank is Joff Crawford.

 

About Rosebank

 

Rosebank is a company established to acquire businesses whose performance the
Founders, who have a strong track record in creating value for investors,
believe can be improved so as to create shareholder returns over the short and
medium term. The Rosebank team will look to acquire companies with strong
underlying fundamentals but scope for operational improvement and work
alongside management teams of target companies to drive sustainable long-term
performance for the benefit of all the Company's stakeholders.

 

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