SyQic PLC Further re Possible Offer (7147O)

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RNS Number : 7147O

SyQic PLC

09 November 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.

9 November 2016

SyQic plc

("SyQic" or "the Company")

Further re possible offer

The Company announced on 20 April 2016 that it is in discussions with Jamal Hassim, Chief Executive of SyQic, and MMV Investments (HK) Limited, a company owned by Johan Robb, (together "Bidco"), in connection with a possible offer for the whole of the issued share capital of the Company. The Company's Half Yearly Report for the six months to 30 June 2016 and its Final Results for the year ended 31 December 2015, both of which were announced on 7 September 2016, referred to interest from Yuma Ventures Ltd to acquire all the shares in the Company. The Company would like to clarify that Yuma Ventures Ltd, currently owned by Jamal Hassim, is being considered by Bidco as the entity to be used for any possible offer by Bidco for the Company. There is no guarantee that any offer will be forthcoming.

As previously announced on 28 October 2016, Bidco must, by not later than 5.00 p.m. on 11 November 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. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty any offer will be forthcoming.

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

.

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] 

(Nominated Adviser & Broker to SyQic)

Jeremy Porter/Nick Naylor

   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

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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November 09, 2016 02:56 ET (07:56 GMT)