TIDMTCN
RNS Number : 6773G
Tricorn Group PLC
28 July 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as
implemented into English law ("MAR"). Upon the publication of this
announcement via a Regulatory Information Service, this inside
information will be considered to be in the public domain.
28 July 2021
Tricorn Group PLC
("TCN" or "the Company")
Company Update and Update on Formal Sale Process
Tricorn Group plc ('Tricorn', 'Company' or the 'Group'), (AIM:
TCN.L) the tube manipulation specialist, provides the following
update.
On 21 July 2021 the Board announced a strategic review. The
options being considered included, but were not limited to, a sale
of the Company to be conducted under the framework of a "formal
sale process" in accordance with the Takeover Code, or the sale of
one or more of the Company's operations. The Company and its
advisers have engaged in discussions with a number of parties, with
such discussions ongoing.
As set out in the Company's interim results published on 21 July
2021, Tricorn has experienced an extended period of challenging
markets and turbulent trading. Disruptions to supplies, that are a
systemic issue across global manufacturing at the moment, continue
to impact the Company. Whilst customer demand is steadily improving
and pass-through of prices increases to customers have in part been
negotiated and continue to be discussed, the pressure on operating
costs, margins and working capital in the near term continues,
particularly as supply chain terms tighten and overdue debts from
customers remain outstanding.
The Group continues to operate within its borrowing facilities,
however, due to the reasons set out above, the Company's near term
cash requirements have been adversely affected and there may be a
requirement to operate beyond its existing facilities. Whilst the
Group's principal lending bank is expected to remain supportive,
certain restrictions on these facilities are being imposed. It is
expected that such restrictions would be eased in the event of a
successful sale of one or more of the Company's operations or an
injection of funds, although there can be no certainty of a
successful outcome in these matters.
The Company is working with its advisers towards a resolution
and a further update will be provided as appropriate.
Enquiries
Tricorn Group plc www.tricorn.uk.com
Andrew Moss, Chairman +44 (0)7768 306 701
Michael Stock, Chief Executive and Group Finance Director +44 (0)7894 784 106
Arden Partners plc (financial and Rule 3 adviser, nominated adviser and broker) +44 (0)20 7614 5900
Richard Johnson
Steve Douglas
Oscair McGrath
Notes to Editors:
Tricorn is a value added manufacturer and specialist manipulator
of pipe and tubing assemblies to niche markets worldwide in the
Energy and Transportation sectors.
Headquartered in Malvern, UK, Tricorn employs approximately 240
employees and has five manufacturing facilities in the UK, USA and
China.
Arden is authorised and regulated in the United Kingdom by the
FCA and is acting exclusively for the Company and no one else in
connection with the matters referred to in this announcement and
will not be responsible to anyone other than the Company for
providing the protections afforded to the customers of Arden or for
providing advice in relation to the matters described in this
announcement.
This announcement is not an announcement of a firm intention to
make an offer under Rule 2.7 of the Takeover Code and there can be
no certainty that an offer will be made, nor as to the terms on
which any offer will be made.
Publication on Website
A copy of this announcement will be made available at
www.tricorn.uk.com no later than 12:00 noon (London time) on 29
July 2021 (being the business day following the date of this
announcement) in accordance with Rule 26.1 of the Takeover Code.
The content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement.
Forward-Looking Statements
This announcement contains statements which are, or may be
deemed to be, "forward-looking statements" which are prospective in
nature. All statements other than statements of historical fact are
forward-looking statements. They are based on current expectations
and projections about future events, and are therefore subject to
risks and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of a date in the future or
forward-looking words such as "plans", "expects", "is expected",
"is subject to", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes", "targets", "aims", "projects"
or words or terms of similar substance or the negative of those
terms, as well as variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would", "might" or "will" be taken, occur or be
achieved. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations or
events that are beyond the Company's control.
Forward-looking statements include statements regarding the
intentions, beliefs or current expectations of the Company
concerning, without limitation, future revenues, economic
performance, financial condition, and future prospects.
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 may cause
the actual results, performance or achievements of TCN to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.
Neither TCN nor any of its Directors, officers or advisers
provides any representation, assurance or guarantee that the
occurrence of the events expressed or implied in any
forward-looking statements in this document will actually occur.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
document.
Other than in accordance with its legal or regulatory
obligations (including under the AIM Rules and the Disclosure
Guidance and Transparency Rules), TCN is not under any obligation
and TCN expressly disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
No Offer or Solicitation
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or solicitation of any offer
to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities or the solicitation of any vote or
approval in any jurisdiction. Any offer (if made) will be made
solely by certain offer documentation which will contain the full
terms and conditions of any offer (if made), including details of
how such offer may be accepted. This announcement has been prepared
in accordance with English law and the Code, and information
disclosed may not be the same as that which would have been
prepared in accordance with laws outside of the United Kingdom. The
release, distribution or publication of this announcement in
jurisdictions outside of the United Kingdom may be restricted by
laws of the relevant jurisdictions, and therefore persons into
whose possession this announcement comes should inform themselves
about, and observe, any such restrictions. Any failure to comply
with the restrictions may constitute a violation of the securities
law of any such jurisdiction.
Nothing in this announcement is or should be relied on as a
promise or representation to the future. This announcement includes
certain statements, estimates and projections provided by the
Company in relation to the Company's anticipated future
performance. Such statements, estimates and projections are based
on various assumptions made by the Company concerning anticipated
results which may or may not prove to be correct. No
representations or warranties are made by any person as to the
accuracy of such statements, estimates or projections.
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END
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July 28, 2021 02:00 ET (06:00 GMT)
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