SyQic PLC Further re Possible Offer (9487L)
October 07 2016 - 2:00AM
UK Regulatory
TIDMSYQ
RNS Number : 9487L
SyQic PLC
07 October 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
This announcement is not an announcement of a firm intention to
make an offer under Rule 2.7 of the City Code on Takeovers and
Mergers (the "Code") and there can be no certainty that an offer
will be made, nor as to the terms on which any offer will be
made.
7 October 2016
SyQic plc
("SyQic" or "the Company")
Extension to deadline in accordance with Rule 2.6(c) of the
Code
On 16 September 2016, the Company announced that, in accordance
with Rule 2.6(a) of the Code, Jamal Hassim, Chief Executive of
SyQic, and MMV Investments (HK) Limited, a company owned by Johan
Robb, (together "Bidco") must, by not later than 5.00 p.m. on 7
October 2016, either announce a firm intention to make an offer for
the Company in accordance with Rule 2.7 of the Code or announce
that it does not intend to make an offer, in which case the
announcement will be treated as a statement to which Rule 2.8 of
the Code applies. The Company also announced that it could approach
the Panel on Takeovers and Mergers (the "Panel") for a further
extension to this deadline in due course in accordance with Rule
2.6(c) of the Code.
Following a request from the Independent Board of Directors of
SyQic (the "Independent Board"), the Panel has consented to an
extension of the deadline to 5.00 p.m. on 28 October 2016, by which
time Bidco must either announce a firm intention to make an offer
for the Company or announce that it does not intend to make an
offer for the Company. This deadline will only be extended with the
consent of the Panel in accordance with Rule 2.6(c) of the
Code.
On 28 June 2016, the board of directors of SyQic announced that
it had become apparent that the Company would not be in a position
to publish its audited report and accounts for the year ended 31
December 2015 by 30 June 2016 in accordance with Rule 19 of the AIM
Rules for Companies. As a result, the Company's shares were
suspended from trading on AIM. If the Company's shares remain
suspended for a period of six months, under Rule 41 of the AIM
Rules for Companies the admission of SyQic's shares to trading on
AIM will be cancelled.
The audit for the year to 31 December 2015 is in the process of
being finalised. As set out in the Company's trading update
announced on 20 April 2016, the Board are in discussions with the
Company's auditors regarding the level of provision to be made
against the Company's trade receivables. These discussions are
ongoing and may result in the Company making a provision against
its trade receivables and it now appears likely that the auditors
will issue a qualified audit opinion on the report and accounts for
the year to 31 December 2015. As a result, the Independent
Directors are in extended discussions and negotiations with Bidco.
These discussions are continuing but there can be no certainty that
any offer will be forthcoming. A further announcement will be made
when appropriate.
The Company hopes to issue its interim report for the six month
to 30 June 2016 at the same time as its audited results to 30 June
2016 in the near future.
This announcement has been made with the agreement and approval
of Bidco.
Enquiries:
SyQic Tel: 020 79338780
David Cotterell, Chairman
of the Independent
Board
------------------------------- ---------------------
Opus Corporate Finance Tel: 020 7025 3600
(Financial Adviser and
Rule 3 Adviser)
Malcolm Strang
------------------------------- ---------------------
Allenby Capital Tel: 020 3328 5656
(Nomad & Broker to SyQic)
Jeremy Porter/John Depasquale
------------------------------- ---------------------
Walbrook Tel: 020 7933 8792
(PR Adviser)
Paul Cornelius
------------------------------- ---------------------
DISCLAIMER
Opus Corporate Finance LLP ("Opus"), which is regulated in the
United Kingdom by The Financial Conduct Authority, is acting for
the Company in relation to the matters described in this
announcement and is not advising any other person, and accordingly
will not be responsible to anyone other than the Company for
providing the protections afforded to customers of Opus or for
providing advice in relation to the matters described in this
announcement.
Allenby Capital Limited ("Allenby Capital"), which is regulated
in the United Kingdom by The Financial Conduct Authority, is acting
for the Company in relation to the matters described in this
announcement and is not advising any other person, and accordingly
will not be responsible to anyone other than the Company for
providing the protections afforded to customers of Allenby Capital
or for providing advice in relation to the matters described in
this announcement.
A copy of this announcement will be made available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) at www.syqic.com by no later than 12 noon (London
Time) on 10 October 2016, being the first business day following
the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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