ISSUE OF EQUITY - ACQUISITION BECOMES EFFECTIVE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
1 May 2025
RECOMMENDED ALL SHARE OFFER
FOR
ORA TECHNOLOGY PLC
BY
KONDOR AI PLC
to be implemented by way of a takeover offer
ISSUE OF EQUITY
ACQUISITION BECOMES EFFECTIVE
BOARD CHANGES IN KONDOR
BOARD CHANGES IN ORA
SUSPENSION OF TRADING IN KONDOR SHARES
SUSPENSION OF TRADING IN ORA SHARES
Introduction
On 21 March 2025, the boards of directors of Kondor AI PLC ("Kondor" or the "Company") and Ora Technology PLC ("Ora") announced that they had reached agreement on the terms of a recommended all share offer for Kondor to acquire more than 50% of the share capital of Ora (the "Acquisition"). The Acquisition is being implemented by means of a takeover offer (as defined in section 974 of the Companies Act 2006) (the "Takeover Offer" or the "Offer").
On 21 March 2025, Kondor published and posted a circular to its Shareholders setting out, amongst other things, the terms of, and the reasons for the Kondor Board recommending, the Acquisition, seeking approval of the waiver of Rule 9 of the City Code on Takeovers and Mergers (the "Takeover Code") in relation to the Acquisition and seeking approval to issue and allot up to 206,680,050 Consideration Shares (the "Consideration Shares") to Ora shareholders in exchange for the shares of Ora (specifically, 0.9848 Consideration Shares in exchange for every 1 Ora Share) pursuant to the terms of the Offer (the "Kondor Circular"). On the same date, Kondor published an offer document to Ora shareholders in relation to the Takeover Offer (the "Offer Document"). The Offer Document contained full terms of the Offer and procedure for its acceptance.
The Offer Document and the Form of Acceptance (as defined in the Offer Document) are available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, at Ora's website at www.plc.oracarbon.com
On 16 April 2025, Kondor declared the Offer unconditional.
On 28 April 2025, Kondor announced that the Offer will close for acceptance at 1.00 p.m. (London time) on 12 May 2025.
This announcement should be read in conjunction with the full text of the Offer Document. Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Offer Document. Unless otherwise stated, all times referred to in this announcement are to London times.
Compulsory Acquisition
As announced on 28 March 2025, Kondor has begun the implementation of the compulsory acquisition procedure pursuant to Chapter 3 of Part 28 of the Companies Act to acquire the remaining Ora Shares in respect of which the Offer has not been accepted, as contemplated by the Offer Document.
Kondor will despatch formal compulsory acquisition notices under sections 979 and 980 of the Companies Act 2006 (the "Compulsory Acquisition Notices") to Ora Shareholders who have not yet accepted the Offer. These notices will set out Kondor's intention to compulsorily acquire any remaining Ora Shares in respect of which the Offer has not been accepted on the same terms as the Offer.
If any of the Ora Shareholders have not accepted the Offer in respect of all their holding of Ora Shares by six weeks from the date of the Compulsory Acquisition Notices, the Ora Shares held by those Ora Shareholders will be compulsorily acquired by Kondor on the same terms as the Offer. The consideration to which those Ora Shareholders will be entitled will be held by Ora on trust on behalf of them.
Acceptances level update
Kondor announces that, as at 6.00 p.m. (London time) on 30 April 2025 (being the last Business Day prior to the date of this announcement), valid acceptances of the Offer ("Valid Acceptances") had been received in respect of a total of 203,442,204 Ora Shares, representing approximately 96.94 per cent. of Ora's existing issued share capital.
So far as Kondor is aware, as informed by Ora, included within the above are Valid Acceptances in respect of 25,000,000 Ora Shares (representing, in aggregate, approximately 11.94 per cent. of Ora's existing issued share capital) which were the subject of irrevocable undertakings to accept (or procure the acceptance of) the Offer, given by the Kondor Directors in respect of their own entire legal and beneficial holdings of Ora Shares.
So far as Kondor is aware, as informed by Ora, included within the above are Valid Acceptances in respect of 25,000,000 Ora Shares (representing, in aggregate, approximately 11.94 per cent. of Ora's existing issued share capital) which were received from persons acting in concert with Kondor.
Accordingly, as at 6.00 p.m. (London time) on 30 April 2025, Kondor has received Valid Acceptances in respect of 203,442,204 Ora Shares (representing approximately 96.94 per cent. of Ora's existing issued share capital), which Kondor may count towards satisfaction of the Acceptance Condition to its Offer.
The percentages of Ora Shares referred to in this announcement are based on figures of 209,870,075 Ora Shares in issue as at close of business in London on 30 April 2025 (being the last Business Day prior to the date of this announcement), in accordance with information publicly available to Kondor as at the date of this announcement.
Interests in securities
As at the close of business in London on 30 April 2025, the interests in, or rights to subscribe in respect of, relevant Ora securities held by persons acting in concert with Kondor were:
|
Name |
No of Ora Shares |
No of Ora warrants |
% shareholding of issued share capital of Ora |
|
Toro Consulting Ltd (shares held by Jonathan Bixby) |
12,000,000 |
- |
5.72% |
|
Benjamin Sampson |
- |
- |
- |
|
Jill Kenney |
- |
- |
- |
|
Nicholos Hellyer |
- |
- |
- |
|
Brian Stockbridge |
10,000,000 |
- |
4.84% |
|
First Sentinel Corporate Finance |
3,000,000 |
3,000,000 |
1.45% |
Save as disclosed in this announcement, as at the close of business in London on 30 April 2025, neither Kondor, nor any Kondor Director, nor, so far as the Kondor Directors' are aware, any other person acting, or deemed to be acting, in concert with Kondor:
· had any interest in, or right to subscribe in respect of, any relevant Ora securities;
· had any short position (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligation or any right to require another person to take purchase or take delivery of relevant Ora securities;
· had any outstanding irrevocable commitment or letter of intent to accept the terms of the Offer in respect of relevant Ora securities; or
· had borrowed or lent any relevant Ora securities, save for any borrowed shares which have been either on-lent or sold.
Issuance of shares
Kondor announces the issuance of a total of 200,349,878 Consideration Shares in respect of 203,442,204 Valid Acceptances received.
These Consideration Shares will rank pari passu in all respects with the existing ordinary shares of Kondor (the "Ordinary Shares") in issue and therefore will rank equally for all dividends or other distributions declared, made or paid after the issue of the Consideration Shares.
Acquisition becomes effective
Following the acquisition of more than 50% of Ora's share capital by Kondor, the Acquisition is completed pursuant to the terms of the Offer Document and, as a result, Ora is a subsidiary of Kondor (together, Kondor and Ora the "Enlarged Group"). Additional Consideration Shares are expected to be issued in connection with the Compulsory Acquisition or additional acceptances received. Further announcements relating to the issuance of additional Consideration Shares will be made in due course.
Suspension of Trading in Kondor's shares
In light of the Acquisition becoming effective, Kondor's shares will be suspended from trading on the Access Segment of the AQSE Growth Market with effect from 8 am, on 1 May 2025.
Kondor intends to seek admission to trading on AIM ("AIM Admission") and further announcements relating to its application will be made in due course.
Suspension of Trading in Ora's shares
In light of the Acquisition becoming effective, Ora's shares will be suspended from trading on the Access Segment of the AQSE Growth Market with effect from 8 am, on 1 May 2025.
Following acquisition of 100 per cent. of Ora's share capital by Kondor, it is expected that admission of Ora's shares to trading on the Access Segment of the AQSE Growth Market will be withdrawn.
Total Voting Rights
Following this issuance of 200,349,878 Consideration Shares, the total number of Ordinary Shares in the capital of Kondor in issue will be 380,849,878 with voting rights, of which, 180,500,000 are admitted to trading on the Access Segment of the AQSE Growth Market - the latter is the figure that may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Board changes in Kondor
Given completion of the Acquisition, Kondor announces the following changes to its board effective immediately:
- Nicholos Hellyer has stepped down from the Board.
- James Shepherd has been appointed as Independent Non-Executive Director.
- Jonathan Bixby's role changes from Executive Chairman to Non-Executive Chairman.
- Jill Kenney's role changes from Non-Executive Director to Chief Executive Officer.
- Benjamin Sampson's role changes from Financial Director to Chief Financial Officer.
In addition, Luke Cairns is expected to join the Board as Independent Non-Executive Director on completion of the AIM Admission.
Mr Shepherd is an award winning creative executive. As the head of the nDreams Studio he was responsible for delivering cutting edge VR products, Ghostbusters: Rise of the Ghost Lord, Synapse, Fracked and Far Cry: Dive into Insanity.
Previously at Microsoft he ran the key Xbox One and Xbox live games community Upload, generating a 6.5 million user base, and over 10 million views in the 12 months launch window. At Sony he had over 5 years' experience as director of a multi-project development studio, releasing triple 'A' products on all PlayStation platforms, equally at home with production and creative issues; directing the vision, strategic planning and delivery on a diverse range of game and non-game projects such as Upload, Heavenly Sword, Play-TV, LittleBigPlanet PSP and Killzone VITA.
He has previously held roles including Head of Studio at nDreams Studio in Farnborough, Design Lead LEGO: Creative Play Lab in London and Cambridge, CEO and Co-founder Cypherdelic Limited in Cambridge, Executive Producer: Soho Productions, Microsoft Studios in London and Studio Director: WWS Sony Cambridge.
Mr Shepherd obtained a BA in Fine Art from the University of Newcastle-Upon-Tyne and an MA from Bournemouth University in 3D Computer Visualization.
Mr Cairns has over 20 years of experience working with SMEs as both an adviser and director.
He was previously Head of Corporate Finance and Managing Director at Northland Capital Partners, a former Nominated Adviser and Broker, and has worked with many growth companies across several sectors and regions on a wide range of transactions, including IPOs, secondary fundraisings, corporate restructurings, and takeovers.
Subsequently Mr Cairns set up his own consultancy, LSC Advisory Ltd, working hands on with growth companies. He currently serves as part time Executive Director of AIM traded N4 Pharma plc, a specialist pharmaceutical company, and as a Non-Executive Director of AIM traded Seed Innovations Limited. In addition to these directorships he sits on a number of private group companies.
The following information is provided for the purpose of Rule 4.9 of the AQSE Growth Market Access Rulebook.
|
Name |
Current directorships |
Former directorships and/or partnerships (within the last five years): |
|
James Shepard |
- Cypherdelic Limited - Bubble Boy Limited - Oi Monster Limited - JBinova (Isle of Man) |
n/a |
|
Luke Cairns |
- N4 Pharma PLC - Seed Innovations Limited - Curaleaf International Holdings Limited - Aldenham Holdings Limited - Midocean Holdings Limited - Midocean Securities Limited - Taurus Holdings Limited - Pun EmeraldCo (Guernsey) Limited - Pun Holdings (Guernsey) Limited - Pembroke Bay Investments Limited - First Development Resources Plc - LMG Holdings Limited - Prime Developments Limited - Covent Business Limited - Aylesbury Properties Limited - Amita Business Limited - Chestnut Investors Ltd - Moathill Housing Development Limited - Nanogenics Limited - Mattalex Limited |
- LSC Advisory Ltd - Lyford Renewables Limited - CoSteer Limited - CoEfficient Limited - Ireland Resources International Limited - Pelian Securities Limited |
Save as set out in this announcement, there are no further details to be disclosed pursuant to Rule 4.9 of the Aquis Growth Market Access Rulebook.
Board changes in Ora
Given completion of the Acquisition, Ora announces the following changes to its board effective immediately:
- Michael Edwards, Nicholas Lyth and have stepped down from the Board.
- Jill Kenney and Benjamin Sampson have been appointed as Non-Executive Directors, and Jonathan Hives remains an Independent Non-Executive Director.
The following information is provided for the purpose of Rule 4.9 of the AQSE Growth Market Access Rulebook.
|
Name |
Current directorships |
Former directorships and/or partnerships (within the last five years): |
|
Jill Kenney |
- Kondor AI PLC - Paidia Esports Inc |
- CRBN Technologies Inc |
|
Benjamin Sampson |
- Kondor AI PLC - Sampson Fielding Limited - Sampson Fielding Audit Services Limited - Accounting Flow Limited - Bartrum Lerner Limited |
- Daxiom Limited |
Save as set out in this announcement, there are no further details to be disclosed pursuant to Rule 4.9 of the Aquis Growth Market Access Rulebook.
Settlement
Settlement of the consideration to which any Ora Shareholder is entitled under the Offer will be effected in respect of further acceptances received while the Offer remains open, complete in all respects, within 14 calendar days of such receipt.
Questions
If Ora Shareholders have any questions about this Announcement or the Offer Document, or are in any doubt as to how to complete the Form of Acceptance, please contact the Shareholder Helpline operated by Neville Registrars Limited, by calling 0121 585 1131 (from within the UK) or +44 121 585 1131 (from outside the UK). Calls are charged at the standard geographic rate and will vary by provider. Calls to the helpline from outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 am and 5.00 pm (London time) Monday to Friday, excluding public holidays in England and Wales. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. Please note that, for legal reasons, Neville Registrars Limited will only be able to provide you with information contained in the Offer Document and will be unable to give advice on the merits of the Offer nor give any financial, legal or tax advice on the contents of the Offer Document. Additional Forms of Acceptance are available from Neville Registrars Limited upon request.
Enquiries:
|
Kondor AI PLC |
||
|
Jonathan Bixby, Executive Chairman |
Via First Sentinel |
|
|
First Sentinel Corporate Finance Limited Rule 3 Adviser to Kondor and Corporate Adviser |
||
|
Brian Stockbridge Gabrielle Cordeiro |
+44 (0) 7858 888007 |
|
|
Ora Technology PLC |
||
|
Michael Edwards, Executive Chairman |
Via Alfred Henry |
|
|
Alfred Henry Corporate Finance Ltd Rule 3 Adviser to Ora |
||
|
Nick Michaels |
+44 (0) 020 3772 0021 |
|
|
Clear Capital Markets Limited (Corporate Broker) |
||
|
Bob Roberts |
+44 (0) 20 3869 6080 |
|
Druces LLP is providing legal advice to Kondor in connection with the Acquisition. DMH Stallard LLP is providing legal advice to Ora in connection with the Acquisition.
Important Notices
Further information
This Announcement is for information purposes only and is not intended to and does not constitute or form part of any offer to sell or subscribe for or any invitation or the solicitation of an offer to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise. The Acquisition will be made solely pursuant to the terms of the Offer Document, which contains the full terms and conditions of the Offer, including details of how to accept the Offer, together with the accompanying Form of Acceptance. Any acceptance of the Offer or other response in relation to the Acquisition should be made only on the basis of the information contained in the Offer Document. This Announcement is not a prospectus, prospectus equivalent document or Offer Document.
The release, publication or distribution of this Announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom to vote their Ora Shares with respect to the Offer, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person. This Announcement has been prepared for the purposes of complying with English law and the Takeover Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom
The Offer Document, together with the relevant Form of Acceptance, was published on 21 March 2025.
The statements contained in this Announcement are made as at the date of this Announcement, unless some other time is specified in relation to them, and the release of this Announcement shall not give rise to any implication that there has been no change in the facts set out in this Announcement since such date.
Copies of this Announcement and any documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it in or into or from any Restricted Jurisdiction. The Acquisition is to be implemented by way of Takeover Offer. Unless otherwise permitted by applicable law or regulation, the Takeover Offer may not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including, without limitation, facsimile, email or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Takeover Offer will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction.
The Consideration Shares to be issued pursuant to the Offer have not been and will not be registered under the United States Securities Act of 1933 (as amended) nor under any of the relevant securities laws of any Restricted Jurisdiction. Accordingly, the Consideration Shares may not be offered, sold or delivered, directly or indirectly, into any Restricted Jurisdiction, except pursuant to exemptions from applicable requirements of any such jurisdiction.
Rules 26.1 and 26.2 Disclosure
Pursuant to Rules 26.1 and 26.2 of the Takeover Code, a copy of this Announcement and the documents required to be published are available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Kondor's website at www.kondor.ai and at Ora's website at www.plc.oracarbon.com from 21 March 2025. For the avoidance of doubt, the contents of the websites referred to in this Announcement, and the contents of any websites accessible from hyperlinks on such websites are not incorporated into and does not form part of this Announcement.
Requesting Hard Copy Documents
Pursuant to Rule 30.3 of the Takeover Code, a person so entitled may request a copy of this Announcement and any information incorporated into it by reference to another source in hard copy form by writing to Neville Registrars Limited at Neville House, Steelpark Road, Halesowen B62 8HD or by calling telephone number +44 (0)121 585 1131 between 9.00 a.m. and 5.00 p.m., Monday to Friday (excluding public holidays in England and Wales). A person may also request that all future documents, announcements and information to be sent to that person in relation to the Offer should be in hard copy form.
Rule 2.9 Disclosure
In accordance with Rule 2.9 of the Takeover Code, Ora confirms that, as at the close of business on 20 March 2025 (being the last Business Day prior to publication of the Offer Document), it had 209,870,075 ordinary shares of 0.1 pence each in issue and 37,897,620 warrants to subscribe for ordinary shares of 0.1 pence (35,000,000 warrants are exercisable at 1 pence per share until 19 July 2026 and 2,897,620 warrants are exercisable at 2 pence per share until 19 July 2026). The shares of Ora are admitted to trading on the Access segment of the AQSE Growth Market. The International Securities Identification Number (ISIN) of the Ora Shares is GB00BP4YBY34.
In accordance with Rule 2.9 of the Takeover Code, Kondor confirms that, as at the close of business on 20 March 2025 (being the last Business Day prior to publication of the Offer Document), it had 180,050,000 ordinary shares of 0.1 pence each in issue and 70,300,500 warrants to subscribe for ordinary shares of 0.1 pence each (60,500,000 warrants exercisable at 1 pence until 21 December 2026 and 9,800,500 exercisable a 3 pence until 21 December 2028). The shares of Kondor are admitted to trading on the Access segment of the AQSE Growth Market. The International Securities Identification Number (ISIN) of the Kondor Shares is GB00BRXKJ754.
No Profit Forecasts or Estimates
No statement in this Announcement is intended, or is to be construed, as a profit forecast, profit estimate, or quantified financial benefits statement or estimate for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share for Kondor or Ora for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Kondor or for Ora.
Other Disclosure Requirements of the Takeover Code
Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of the offeree company. An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th Business Day following the commencement of the offer period. Relevant persons who deal in the relevant securities of the offeree company prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of the offeree company, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the Takeover Code).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44(0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
Disclaimers
Alfred Henry Corporate Finance Ltd ("Alfred Henry"), which is authorised and regulated by the FCA in the UK, is acting as a Rule 3 adviser exclusively for Ora and no one else in connection with the Offer and the matters set out in this Announcement and will not be responsible to any person other than Ora for providing the protections afforded to clients of Alfred Henry, nor for providing advice in relation to the Offer, the content of this Announcement or any matter referred to herein.
First Sentinel Corporate Finance Limited ("First Sentinel"), which is authorised and regulated by the FCA in the UK, is acting as financial adviser and Rule 3 adviser exclusively for Kondor and no one else in connection with the Offer and the matters set out in this Announcement and will not be responsible to any person other than Kondor for providing the protections afforded to clients of First Sentinel, nor for providing advice in relation to the Offer, the Waiver Proposal, the Circular, the content of this Announcement or any matter referred to herein.
Rounding
Certain figures included in this Announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.
Forward-looking Statements
This Announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Acquisition, and other information published by Kondor and Ora may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Kondor and/or Ora and certain plans and objectives of Kondor and/or Ora with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by Kondor and/or Ora in the light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this Announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this Announcement. Neither Kondor nor Ora assumes any obligation to update or correct the information contained in this Announcement (whether as a result of new information, future events or otherwise), except as required by applicable law.
There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions.
Neither Kondor nor Ora, nor any of their respective associates or directors, officers, employees or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this Announcement will actually occur. Given the uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Announcement. All subsequent oral or written forward-looking statements attributable to Kondor or Ora or any of their respective members, directors, officers, employees or advisers or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Kondor and Ora disclaim any obligation to update any forward-looking or other statements contained in this announcement, except as required by applicable law or regulation, whether as a result of new information, future events or otherwise.
General
No person should construe the contents of this Announcement as legal, financial or tax advice. If you are in any doubt about the contents of this Announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent financial adviser duly authorised under FSMA if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.
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