SyQic PLC Further re Possible Offer (0041K)

TIDMSYQ

RNS Number : 0041K

SyQic PLC

16 September 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.

16 September 2016

SyQic plc

("SyQic" or "the Company")

Extension to deadline in accordance with Rule 2.6(c) of the Code

On 15 August 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 16 September 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 7 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.

Positive discussions are continuing between the Independent Board and Bidco but there can be no certainty that any offer will be forthcoming. A further announcement will be made when appropriate.

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. The suspension will remain in place until the Company's audited report and accounts for the year ended 31 December 2015 have been published. The Company continues to make good progress with the audit and hopes to be in a position to issue the results in the next few weeks along with its Half Yearly Report to 30 June 2016 but no date has been set for the publication of either of these sets of results.

This announcement has been made with the agreement and approval of Bidco.

Enquiries:

   SyQic                                                                 Tel: [phone] 

David Cotterell, Chairman of the Independent

Board

   Opus Corporate Finance                                       Tel: [phone] 

(Financial Adviser and Rule 3 Adviser)

Malcolm Strang

   Allenby Capital                                                     Tel: [phone] 

(Nomad & Broker to SyQic)

Jeremy Porter/John Depasquale

   Walbrook                                                             Tel: [phone] 

(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

19 September 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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September 16, 2016 02:00 ET (06:00 GMT)