TIDMBONH
RNS Number : 9345O
Bonhill Group PLC
06 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
6 February 2023
Bonhill Group plc
("Bonhill", the "Company" or the "Group")
Update on Strategic Review and Formal Sale Process
and
Trading Statement
Bonhill Group plc (AIM: BONH), a leading B2B media business
specialising in financial services providing media, events and data
& analytics, announces an update on progress with its strategic
review and the formal sale process announced on 10 October 2022 and
a trading statement.
Update on Strategic Review and Formal Sale Process
Further to its announcement on 9 December 2022, the Company
announces that the privately owned UK media company's due diligence
on the assets and trade of its UK and Asia businesses is
progressing well and it expects shortly to make a further
announcement.
In addition, the Company announces that it has received a
non-binding offer from a US media buyer for the business and assets
of InvestmentNews LLC ("InvestmentNews") of $6.5 million in cash
(equating to a price per share of approximately 4.5 pence). Subject
to the completion of satisfactory due diligence, the Company
expects to sign a conditional agreement with the purchaser in March
2023. A further announcement will be made in due course.
Shareholders are advised that there can be no certainty that any
sale or other transaction will be concluded for either the
Company's UK and Asia businesses or InvestmentNews, nor as to the
terms on which any sale or other transaction may be made.
Having concluded the strategic review and formal sale process as
it is no longer in discussions with, nor in receipt of an approach
from, any potential offeror relating to an acquisition of its
issued and to be issued share capital, the Company confirms that it
is no longer conducting the formal sale process. As such, the
Company has ceased to be in an "offer period" as defined in the
City Code on Takeovers and Mergers ("City Code") and the disclosure
requirements pursuant to Rule 8 of the City Code are therefore no
longer applicable.
Trading Statement
The Company announces that since its announcement on 9 December
2022, certain clients continued to delay the release of planned
marketing spend in the year ended 31 December ("FY2022") (equating
to approximately GBP0.2 million of revenue and GBP0.1 million of
EBITDA). As a result, the Board now expects FY2022 revenue of
GBP13.6 million and LBITDA of GBP1.5 million. The Company continues
to manage its cash well, including the use of the available
drawdown facility, with an expected year end net cash position of
GBP0.7 million.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further enquiries please contact:
Bonhill Group plc
Jonathan Glasspool, Non-executive Chairman +44 (0)207 638 6378
Patrick Ponsford, Group CEO +44 (0)7714 660 943
Shore Capital (Financial Adviser, Nominated
Adviser and Broker)
Tom Griffiths/David Coaten +44 (0)20 7408 4050
About Bonhill Group plc
Bonhill Group plc is a leading, AIM-quoted, B2B media company
providing Business Information, Events and Data & Insight
propositions to the global Financial Services community. Bonhill
operates multiple digital platforms, has market leading media
brands, hosts over 100 events per annum, offers a portfolio of data
& analytics propositions and provides a range of content
marketing solutions.
Bonhill operates exclusively in the financial services space
where its brands and services are acknowledged as market leaders.
It specialises in enhancing the relationship and flow of
information between the global community of financial services
providers and the advisers who recommend their products. Bonhill
was early to recognise the growing importance of ESG in asset
allocation and fund selection and now owns the leading global
platform in this space, serving the adviser community.
Flagship brands include: InvestmentNews, ESG Clarity, Portfolio
Adviser, Fund Selector Asia, Expert Investor Europe, UK Adviser and
International Adviser.
Offices in New York, London, Singapore and Hong Kong.
For more information visit www.bonhillplc.com.
IMPORTANT NOTICES
Shore Capital and Corporate Limited is authorised and regulated
in the United Kingdom by the Financial Conduct Authority ("FCA")
and is acting exclusively as Financial Adviser, Nominated Adviser
and Broker and for no one else in connection with the subject
matter of this announcement and will not be responsible to anyone
other than Bonhill for providing the protections afforded to its
clients nor for providing advice in relation to the subject matter
of this announcement.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
This announcement (including any information incorporated by
reference in this announcement), oral statements made regarding the
formal sale process, and other information published by the Group
contain statements about the Group that are or may be deemed to be
forward looking statements. Without limitation, any statements
preceded or followed by or that include the words "targets",
"plans", "believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or words or terms of similar
substance or the negative thereof, may be forward looking
statements.
These forward-looking statements are not guarantees of future
performance. Such forward-looking statements involve known and
unknown risks and uncertainties that could significantly affect
expected results and are based on certain key assumptions. Many
factors could cause actual results to differ materially from those
projected or implied in any forward-looking statements. Due to such
uncertainties and risks, readers should not rely on such
forward-looking statements, which speak only as of the date of this
announcement. The Group disclaims any obligation or responsibility
to update publicly or review any forward-looking or other
statements contained in this announcement, except as required by
applicable law.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
Publication on website
A copy of this announcement will be made available, subject to
certain restrictions relating to persons resident in restricted
jurisdictions, on the Group's website at www.bonhillplc.com by no
later than 12 noon (London time) on the business day following the
date of this announcement. Neither the content of any website
referred to in this announcement nor the content of any website
accessible from hyperlinks is incorporated into, or forms part of,
this announcement.
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February 06, 2023 02:00 ET (07:00 GMT)
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