This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) No 596/2014 which
forms part of UK law by virtue of the European Union (Withdrawal)
Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU
Exit) Regulations 2019. Upon the publication of this announcement,
such inside information is now considered to be in the public
domain.
4 March 2024
Saietta Group Plc
("Saietta", the
"Company" or the "Group")
Termination of Strategic Review and
Intention to Appoint Administrators
Further to the announcement on 23 February 2024
regarding a formal review of the strategic options available to the
Company (the "Strategic Review"), Saietta regrets to announce that
it is not in a position to confirm a buyer for the business and has
failed to secure additional funding of the scale and form required
for ongoing business stability. The Board of Directors has
therefore regrettably ended the Strategic Review and resolved to
appoint administrators. As a consequence of the above, the formal
sale process, as defined in the Takeover Code, has been terminated
and the Company has ceased to be in an "offer period".
The Company has filed a notice of appointment
of administrator at the court and a further announcement will be
made in due course once the appointment has become
effective.
Consequently, the Company has requested a
suspension in the trading of its ordinary shares on AIM, which will
become effective from 7 30 a.m. today.
Tony Gott,
Chairman of Saietta, said: "While we can
confirm we've had some genuine interest, at present we do not have
a proposal that provides the necessary liquidity in the time we
have available, following the Company's commercial update of
13th February and the subsequent market
reaction.
Despite all other aspects of the business
remaining in progress and following major restructuring throughout
the business over the last 12 months we were unable to provide the
capital required, on a timely basis, to complete the journey to
bring the Group to a self-financing position.
Discussions with interested parties will
continue in administration, as we believe
that the technologies developed by Saietta, as endorsed by our
customers may yet find a route to finally achieve our mission, to
help clean up the air in the world's major cities.
On behalf of the Board I express to our staff,
shareholders and all other affected stakeholders our deepest regret
that we are having to take the very
difficult decision to appoint administrators.
-Ends-
For any further enquiries, please
contact:
|
Saietta Group
Tony Gott, Executive
Chair
David Woolley, Chief Executive
Officer
|
contact@saietta.com
|
|
Canaccord Genuity (Nomad and Broker)
Henry
Fitzgerald-O'Connor / Harry Pardoe
|
+44
(0) 207 523 8000
|