Kinovo PLC Statement regarding possible offer (1358L)
01 September 2023 - 8:00PM
UK Regulatory
TIDMKINO
RNS Number : 1358L
Kinovo PLC
01 September 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE
ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN
ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF
THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE
MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
1(st) September 2023
Kinovo plc (" Kinovo " or the " Company ")
Statement regarding possible offer
On 24 August 2023, Kinovo announced that it had received a
non-binding indicative offer from Rx3 Holdings Limited ("Rx3")
which may or may not lead to an offer being made by Rx3 for the
entire issued and to be issued share capital of Kinovo at a price
of 56 pence per share, payable in cash (the "Possible Offer"). Rx3
and Tipacs2 Limited ("Tipacs2") are both ultimately owned by Mr Tim
Scott.
The Directors have concluded that if the Possible Offer of 56
pence per share was made by Rx3 they will not be recommending it to
shareholders. The Directors have undertaken a process of
consultation with certain key shareholders and considered direct
shareholder feedback in reaching this conclusion.
Shareholders are urged to take no action at this time.
This announcement has been made by Kinovo without the approval
of Rx3.
In accordance with Rule 2.6(a) of the Code, Rx3 must, by no
later than 5.00 p.m. (London time) on 21 September 2023, either
announce a firm intention to make an offer for Kinovo 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 deadline can
be extended with the consent of the Takeover Panel in accordance
with Rule 2.6(c) of the Code.
Enquiries
Kinovo plc
Sangita Shah, Chair +44 (0)20 7796 4133
David Bullen, Chief Executive Officer (via Hudson Sandler)
Canaccord Genuity Limited (Financial Adviser,
Nominated Adviser and Broker) +44 (0)20 7523 8000
Bobbie Hilliam
Adam James
Andrew Potts
Harry Rees
+44 (0) 20 7796
Hudson Sandler (Financial PR) 4133
Dan de Belder
Harry Griffiths
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the FCA, is acting as financial adviser and
corporate broker exclusively for Kinovo and for no one else in
connection with the Possible Offer and will not regard any other
person as its client in relation to the matters referred to in this
announcement and will not be responsible to anyone other than
Kinovo for providing the protections afforded to clients of
Canaccord Genuity Limited, nor for providing advice in relation to
the Possible Offer or any other matter referred to in this
announcement.
The person responsible for arranging the release of this
announcement on behalf of Kinovo plc is Sangita Shah.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
(Amendment) (EU Exit) Regulations 2019. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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END
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