THIS
ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED
AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR
IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES
OF AMERICA (THE "UNITED STATES" OR THE "US"), AUSTRALIA, CANADA,
NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION.
FOR
IMMEDIATE RELEASE
11 March
2025
Rosebank Industries
plc
("Rosebank" or the
"Company")
Withdrawal from proposed
acquisition
and
Lifting of suspension in
trading on AIM
Rosebank announced on 19 February
2025 that it was in discussions with affiliates of
Cerberus Capital Management, L.P. ("Cerberus") regarding a
potential transaction to acquire Electrical Components
International, Inc. Rosebank today confirms that despite receiving
overwhelming support from both existing shareholders and new
investors, in light of the recent market volatility, the Company
has decided it is not in its shareholders' best interests to
proceed with the acquisition at the present time.
Following the publication of this
announcement, the Company has requested the lifting of the share
suspension by AIM. This is expected to take place tomorrow, at 7.30
a.m. on 12 March 2025.
Simon Peckham, Chief Executive,
said: "We believe that ECI is a very good company with a
high-quality management team and that it would have been a highly
successful first investment for Rosebank. Despite a
successful equity fundraising process, it disappointingly became
clear that the current volatility in the political and equity
markets meant it was not, at this moment, in our investors' best
interests to proceed. We would like to thank investors for
their continuing strong support."
Enquiries:
|
Rosebank
|
Via
Montfort Communications
|
|
Simon Peckham, Chief
Executive
Matthew Richards, Group Finance
Director
|
www.rosebankindustries.com
|
|
Montfort Communications
|
+44 7739
701 634 / +44 7921 881 800
|
|
Nick Miles, Charlotte
McMullen
|
miles@montfort.london/mcmullen@montfort.london
|
|
Investec Bank plc (Nominated Advisor)
|
+44 (0)20
7597 5970
|
|
Carlton Nelson, Christopher
Baird
|
|
This announcement is released by Rosebank Industries plc and
contains inside information. The person responsible for arranging
for the release of this announcement on behalf of Rosebank is Joff
Crawford.
About Rosebank
Rosebank is a company established to
acquire businesses whose performance the Founders, who have a
strong track record in creating value for investors, believe can be
improved so as to create shareholder returns over the short and
medium term. The Rosebank team will look to acquire companies with
strong underlying fundamentals but scope for operational
improvement and work alongside management teams of target companies
to drive sustainable long-term performance for the benefit of all
the Company's stakeholders.
