REG - Selkirk Group PLC - Response to statement by THG plc
23/04/2025 11:00
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RNS Number : 8732F Selkirk Group PLC 23 April 2025
23 April 2025
Selkirk Group PLC
("Selkirk" or the "Company")
Response to statement by THG plc
Selkirk Group PLC, the AIM investment vehicle focussed on acquiring
undervalued companies or businesses in the consumer e-commerce, technology and
digital media sectors, is providing the following shareholder update in
response to the statement published this morning by THG plc ("THG").
Selkirk recently made a preliminary conditional offer (the "Offer") to acquire
MyProtein from THG for £400 - £600 million, subject to completion of the
necessary due diligence. The Board of Selkirk believed that such an
acquisition could achieve long term value accretion for Selkirk shareholders
and at the same time would be advantageous to THG and its shareholders. The
Offer would have comprised a mix of cash and new shares in Selkirk (expected
to be issued at a premium to the current Selkirk share price). This offer
would have constituted a reverse takeover under the AIM Rules for Companies.
Unfortunately, after consideration by the board of THG, the Offer was rejected
based on (i) valuation, (ii) proposed structure of the offer (iii) the
deliverability of the offer and (iv) a lack of certainty that a newly listed
MyProtein would have sufficient stock market trading liquidity. Whilst we
respectfully disagree with the conclusions, we would like to thank the board
of THG and their advisers for their time and efforts in considering our
proposal.
Where we are completely aligned with the board of THG is in its conclusion
that MyProtein is a world class brand with tremendous growth prospects, but
which is currently dramatically undervalued by the UK market. Whilst Selkirk
is no longer in any form of discussions with THG, we reserve the right to
reconsider this in future should there be a change in circumstances.
In parallel, Selkirk has continued to build a pipeline of acquisition
opportunities. We remain more convinced than ever that our reverse takeover
into a listed vehicle model is a strong option for companies either seeking to
IPO or for existing listed companies looking to realise value for a
subsidiary. Our model gives the owners of assets the opportunity to realise
the benefits of a market listing - price discovery, ongoing access to capital
and brand profile - whilst maintaining exposure to valuation upside.
The Board of Selkirk will continue to actively pursue our current pipeline.
The Board, its advisers and its larger shareholders have significant
experience both in the target sectors and the wider UK stock market. Meanwhile
we have continued to focus on a disciplined filtering approach to
opportunities and preservation of the capital raised at IPO.
We are extremely grateful for the support of our investors and more excited
than ever for the opportunities which are in front of us.
ENDS
For further information please contact:
Selkirk PLC Via Camarco
Iain McDonald info@selkirkplc.com
Zeus (Nominated Adviser and Broker) +44 (0) 20 3829 5000
Dan Bate, Louisa Waddell, John Moran
Camarco +44 (0) 20 3757 4980
Billy Clegg, Tom Huddart, Letaba Rimell selkirk@camarco.co.uk
Notes to Editors
Selkirk Group Plc is an investing company established with the primary
objective of acquiring a company or business which the directors believe is
undervalued and providing it with a quotation or listing or acquiring an
existing public company and providing a highly incentivized management team
with strategic direction. The Company is focused on acquiring a business which
is headquartered in the United Kingdom. The directors have extensive
experience in identifying, evaluating, and executing opportunities; both
quoted and unquoted, and creating value for stakeholders. To find out more
visit: www.selkirkplc.com.
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