REG - Saietta Group PLC - Intention to Appoint Administrators

SaiettaAnnouncement

04/03/2024 07:00

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RNS Number : 3673F  Saietta Group PLC  04 March 2024

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019. Upon the publication of this
announcement, such inside information is now considered to be in the public
domain.

 

4 March 2024

Saietta Group Plc

("Saietta", the "Company" or the "Group")

 

Termination of Strategic Review and Intention to Appoint Administrators

 

Further to the announcement on 23 February 2024 regarding a formal review of
the strategic options available to the Company (the "Strategic Review"),
Saietta regrets to announce that it is not in a position to confirm a buyer
for the business and has failed to secure additional funding of the scale and
form required for ongoing business stability. The Board of Directors has
therefore regrettably ended the Strategic Review and resolved to appoint
administrators. As a consequence of the above, the formal sale process, as
defined in the Takeover Code, has been terminated and the Company has ceased
to be in an "offer period".

 

The Company has filed a notice of appointment of administrator at the court
and a further announcement will be made in due course once the appointment has
become effective.

 

Consequently, the Company has requested a suspension in the trading of its
ordinary shares on AIM, which will become effective from 7 30 a.m. today.

 

Tony Gott, Chairman of Saietta, said: "While we can confirm we've had some
genuine interest, at present we do not have a proposal that provides the
necessary liquidity in the time we have available, following the Company's
commercial update of 13(th) February and the subsequent market reaction.

Despite all other aspects of the business remaining in progress and following
major restructuring throughout the business over the last 12 months we were
unable to provide the capital required, on a timely basis, to complete the
journey to bring the Group to a self-financing position.

Discussions with interested parties will continue in administration, as we
believe that the technologies developed by Saietta, as endorsed by our
customers may yet find a route to finally achieve our mission, to help clean
up the air in the world's major cities.

On behalf of the Board I express to our staff, shareholders and all other
affected stakeholders our deepest regret that we are having to take the very
difficult decision to appoint administrators.

 

 

-Ends-

 

 

For any further enquiries, please contact:

 

 Saietta Group                                contact@saietta.com (mailto:contact@saietta.com)

 Tony Gott, Executive Chair

 David Woolley, Chief Executive Officer

 Canaccord Genuity (Nomad and Broker)         +44 (0) 207 523 8000

 Henry Fitzgerald-O'Connor / Harry Pardoe

 

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