Saietta Group PLC Intention to Appoint Administrators

RNS Number : 3673F

Saietta Group PLC

04 March 2024

 

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 13^th 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	[e-mail]
Canaccord Genuity (Nomad and Broker) Henry Fitzgerald-O'Connor / Harry Pardoe	[phone]

 

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