Bonhill Group PLC Update on Proposed Sale of InvestmentNews LLC (4967S)
10 Marzo 2023 - 1:00AM
UK Regulatory
TIDMBONH
RNS Number : 4967S
Bonhill Group PLC
10 March 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
10 March 2023
Bonhill Group plc
("Bonhill", the "Company" or the "Group")
Update on Proposed Sale of InvestmentNews LLC
Further to its announcement on 6 February 2023, Bonhill (AIM:
BONH) announces that the non-binding offer of $6.5 million in cash
received from a US media buyer for the business and assets of
InvestmentNews LLC ("InvestmentNews") has been lowered materially
and the exclusivity period granted to the potential buyer has
therefore ended.
The Company announces that it has received separately a
non-binding offer from another US media buyer for the business and
assets of InvestmentNews of $4.1 million in cash. In addition, the
proposed buyer has agreed to assume InvestmentNews' obligations
until January 2028 under the lease on its offices at 685 3(rd)
Avenue, New York with a value of approximately $1.9 million.
Subject to the completion of satisfactory due diligence, the
Company expects to sign a conditional agreement with the purchaser
and publish a circular, which will also contain details of a
proposed tender offer, to shareholders as soon as reasonably
practicable. 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 InvestmentNews, nor
as to the terms on which any sale or other transaction may be
made.
For further enquiries please contact:
Bonhill Group plc
Jonathan Glasspool, Non-executive Chairman
Sarah Thompson, Chief Financial Officer +44 (0)20 7250 7963
Shore Capital (Nominated Adviser and Broker)
Tom Griffiths/David Coaten +44 (0)20 7408 4050
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END
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March 10, 2023 02:00 ET (07:00 GMT)
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