Statement regarding potential acquisition

RNS Number : 4246O

Wilmcote Holdings PLC

02 October 2019

 

2 October 2019

This announcement contains inside information

Wilmcote Holdings plc

Statement regarding potential acquisition

Wilmcote Holdings Plc ("Wilmcote" or the "Company") announces that further to the statements made on 4 June 2019 and 18 July 2019, it has evaluated a range of transaction structures regarding the potential acquisition of US-based speciality chemicals business, Arclin Inc ("Arclin").  The Company will not be pursuing a direct acquisition for Arclin by Wilmcote, however the Company remains interested in indirectly participating in a possible acquisition of Arclin by an unaffiliated US-listed investment vehicle.  It is anticipated a successful transaction will result in the Wilmcote management group being engaged by the unaffiliated US-listed investment vehicle and is expected to include provision for Wilmcote to receive compensation to reflect its investment in the acquisition opportunity.

Whilst there can be no certainty of a successful transaction, the Board believe that this approach is the most likely way of creating shareholder value through a successful acquisition of Arclin by an unaffiliated US-listed investment vehicle.

Given the continued uncertainty over the transaction structure and financial impact to Wilmcote and its shareholders, Wilmcote's ordinary shares remain suspended pending a further announcement in relation to this transaction.

Teneo (Financial PR)

Tel: [phone]

Charles Armitstead

Numis Securities Limited (Nominated Adviser and Broker)

Tel: [phone]

Kevin Cruickshank

Jamie Loughborough

Adrian Whitfield is Chief Executive Officer of Wilmcote Holdings plc, which has its offices at 11 Buckingham Street, London, WC2N 6DF and has the LEI number 2138004EUUU11OVHZW75.

 

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