REG - Science Group PLC - Ricardo Investment Realisation

ScienceAnnouncement

11/06/2025 07:20

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RNS Number : 3643M  Science Group PLC  11 June 2025

 

11 June 2025

 

Ricardo Investment Realisation

 

 

Between 16 February and 27 May 2025, Science Group acquired 13,537,623 shares
in Ricardo plc ("Ricardo"), equivalent to approximately 21.8% of the voting
rights, at an average price of 239 pence per share (including brokerage fees).

 

Science Group notes the announcement on 11 June 2025 regarding the offer from
WSP Group Limited ("WSP") for the entire issued and to be issued share capital
of Ricardo at a price per share of 430 pence ("Offer").  To facilitate the
WSP Offer, Science Group has entered into a Share Purchase Agreement ("SPA")
with WSP to sell 12,443,655 Ricardo shares, equivalent to 19.99% of the issued
share capital, at the Offer price.

 

The cash proceeds of the sale, totalling approximately £53.5 million, should
be received before the end of June. The Science Group pre-tax net return
(after fees and costs) on the Ricardo investment is anticipated to be in the
order of 70%. The investment profit, subject to tax, will be materially
accretive for Science Group in the current financial year and the Group's cash
position is further strengthened. The Board intends to retain the proceeds for
future strategic investments and corporate opportunities.

 

Science Group supports the WSP offer. The Offer price is a 102% premium
relative to the Ricardo share price of 213 pence shortly before Science Group
initiated its share purchases and corporate action. All Ricardo shareholders
have benefitted from the Science Group investment.

 

Science Group will also write to Ricardo regarding the requisitioned general
meeting, scheduled for 18 June 2025, and it is anticipated that the meeting
will be adjourned.

 

- 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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