REG - Trackwise Designs - Stevenage Circuits Sale Process

Trackwise DesignsAnnouncement

03/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230503:nRSC1924Ya&default-theme=true

RNS Number : 1924Y  Trackwise Designs PLC  03 May 2023

 

3 May 2023

 

TRACKWISE DESIGNS PLC

 

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

 

Stevenage Circuits Sale Process

 

 

Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist
products using printed circuit technology, announces the launch of a sale
process for the Stevenage Circuits business, in order to allow the Company to
focus its financial and management resources more fully on its core IHT
business.

 

On 30 March 2023 the Company announced that, following an impairment review of
Stevenage Circuits Limited ("SCL"), there would be an impairment charge
related to SCL as laid out in that announcement.

 

Following a further internal review, the Board has resolved to commence a sale
process for SCL (the "SCL Sale Process"). The SCL Sale Process may be by way
of the sale of SCL (a 100% owned Group subsidiary), or by way of a business
and assets sale or similar. The Board will assess the merits of expressions of
interest received pursuant to the SCL Sale Process but wishes to be clear that
there can be no certainty that a sale will go ahead, nor as to the terms of
any such sale. Should a sale go ahead, the timing of the sale and receipt of
any proceeds remains uncertain. Further details are provided below.

 

SCL operates from the Group's Stevenage site and forms the majority of the
Group's Advanced PCB (APCB) business. Disposal of SCL would not impact the IHT
business and would remove the risk of SCL diverting resources away from the
IHT business.

 

The SCL Sale Process

 

The Board is in the process of appointing a sales agent for the SCL Sale
Process. The intent is to conduct a targeted process, focused on securing a
buyer who understands and values the full potential of SCL. Parties with an
interest in submitting any proposal in relation to SCL should contact Paul
Cook via investors@trackwise.co.uk.

 

The Board reserves the right to alter any aspect of the SCL Sale Process or to
terminate it at any time and in such cases will make an announcement as
appropriate. Further announcements will be made as and when appropriate.

 

 

Enquiries

 

 Trackwise Designs plc                          +44 (0)1684 299 930
 Philip Johnston, CEO                           www.trackwise.co.uk (http://www.trackwise.co.uk/)
 Paul Cook, CFO

 finnCap Ltd                                    +44 (0)20 7220 0500
 NOMAD and Broker
 Ed Frisby/Fergus Sullivan - Corporate Finance

 Andrew Burdis/Barney Hayward - ECM

 Alma PR                                        +44 (0)20 3405 0205
 Financial PR and IR
 David Ison/ Kieran Breheny/Pippa Crabtree

 

Notes to editors

Trackwise is a UK-based, King's Award winning, manufacturer of specialist
products using printed circuit technology.

 

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced
PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid
Multilayer products.

 

IHT uses a proprietary, patented process that Trackwise has developed to
manufacture multilayer flexible printed circuits of unlimited length. While
the technology has many applications, the directors expect that one of its
primary uses will be to replace traditional wire harnesses in a variety of
industries.

 

The Company operates from three sites, located in Tewkesbury, Stonehouse and
Stevenage. It serves customers in Europe and North America.

 

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker
TWD. For additional information please visit www.trackwise.co.uk.
(http://www.trackwise.co.uk/)

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUPUCGAUPWPPP