REG - Science Group PLC - Ricardo Investment and Open Letter

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RNS Number : 3094K  Science Group PLC  28 May 2025

28 May 2025

Science Group plc

 

Increased Investment and Open Letter to Ricardo Shareholders

 

Science Group has increased its strategic investment in Ricardo plc
("Ricardo") to 13,537,623 shares, equivalent to approximately 21.8% of the
voting rights. The average price (including brokerage fees) is 239 pence per
share. Science Group may or may not increase its shareholding in Ricardo.

 

Following poor operating performance and ineffective governance at Ricardo,
resulting in a significant destruction of shareholder value, on 30 April 2025
Science Group requested the Ricardo Board to requisition a general meeting
("General Meeting") for Ricardo shareholders to consider a single resolution
to remove Mr Mark Clare as a director of the Company and Chairman of the
Board.

 

In effect, the General Meeting is a vote of no-confidence in the leadership of
the Ricardo Board and to initiate change to enable a positive,
shareholder-aligned recovery to benefit all Ricardo shareholders, large and
small. The date has now been set for 18 June 2025 and a shareholder circular
has been posted by Ricardo.

 

Science Group will today release an Open Letter to Ricardo shareholders,
setting out the background and reasons to the General Meeting, along with a
critique of recent Ricardo performance, the Ricardo Business & Strategy
Update and the Ricardo shareholder circular. The Open Letter to Ricardo
Shareholders can be viewed or downloaded at

 

https://www.sciencegroup.com/letter-to-ricardo-shareholders/
(https://www.sciencegroup.com/letter-to-ricardo-shareholders/)

 

Ricardo shareholders are encouraged to

 

vote FOR the resolution

 

 

- 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

 

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