Stirling Industries PLC Update on recent activity (9758K)
September 03 2019 - 1:01AM
UK Regulatory
TIDMSTRL
RNS Number : 9758K
Stirling Industries PLC
03 September 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
THIS ANNOUNCEMENT, INCLUDING INFORMATION CONTAINED HEREIN, IS
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STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATES OF
THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (COLLECTIVELY, THE
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PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE PROHIBITED BY ANY
APPLICABLE LAW.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT
AND DOES NOT CONSTITUTE, CONTAIN OR FORM PART OF AN OFFER TO SELL
OR ISSUE OR A SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE
ACQUIRE, ANY SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA,
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WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
Stirling Industries plc
("Stirling" or the "Company")
Update on recent activity
Further to the announcement this morning of the Company's
financial results for the financial period ended 31 March 2019,
Stirling (AIM: STRL.L) is providing an update on its progress with
respect to the potential acquisition of its first operating asset
(the "Transaction").
As communicated at the time of its successful listing on AIM,
Stirling was established to "acquire, develop, and sell" industrial
businesses where it can implement strategic, operational and
performance enhancements. The Company's business model involves
raising equity and debt finance to fund acquisitions, developing
acquired businesses through proactive strategic and operational
management (including capital investment and / or bolt-on
acquisitions) overseen by Stirling's highly experienced executive
team and, after a period of time, selling the businesses and
returning the proceeds to shareholders, with the objective of
creating and realising significant incremental shareholder value.
Any acquisition must fit with Stirling's strict investment
criteria, which focus on investments in resilient and diversified
industrial businesses offering attractive upside potential.
The Company is currently in advanced discussions regarding the
potential acquisition of its first operating asset. Due diligence
has been substantially concluded and has confirmed our firm belief
that the asset is a strong fit with Stirling's investment criteria.
The Transaction's headline terms have been agreed in principle with
the vendor and the majority of pre-signing workstreams, including
the drafting of the necessary documentation, are substantially
complete.
Debt funding for the Transaction has been agreed in principle,
with the proposed lending banks now credit approved and the
necessary documentation in near-final form. Stirling is now seeking
the necessary equity funding to enable it to execute definitive
legal documentation with respect to the Transaction. Details of the
form, size and pricing of any such equity fund raising will be
announced at the time of posting of the admission document in
connection with the Transaction. Completion of the Transaction will
be conditional on, amongst other things, shareholder approval at a
General Meeting.
This Transaction, if entered into, will be a reverse takeover
for the purposes of the AIM Rules for Companies and Stirling has
requested a temporary suspension of trading in its ordinary shares
pending either the publication of the admission document following
entry into a definitive legal agreement in respect of the
Transaction or the announcement of the termination of
discussions.
Whilst discussions are on-going, there can be no certainty at
this time as to the final terms and conditions of the Transaction
or whether the Transaction will proceed. A further announcement
will be made as appropriate in due course. Stirling currently
expects to be able to update shareholders in the period leading up
to its Annual General Meeting ("AGM"), which is to be held on 30
September 2019. The formal notice of Stirling's AGM is being sent
to shareholders today.
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) NO. 596/2014. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain. The person responsible for
arranging for the release of this announcement on behalf of
Stirling is Simon Thomas, Chief Operating Officer and Company
Secretary of Stirling.
- Ends -
Enquiries:
Stirling Industries plc
Blair Illingworth, Chief Executive
c/o Montfort Communications +44 (0)78 1234 5205
Montfort Communications - Financial Communications
Olly Scott +44 (0)78 1234 5205
Numis Securities - Nominated Adviser and
Broker
Luke Bordewich
Ben Stoop +44 (0)20 7260 1000
Numis Securities Limited is authorised and regulated by the
Financial Conduct Authority, is acting only for the Company in
connection with the matters described in this announcement and is
not acting for or advising any other person, or treating any other
person as its client, in relation thereto and will not be
responsible for providing the regulatory protection afforded to its
clients or advice to any other person in relation to the matters
contained herein.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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