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Stirling Industries (STRL)

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Wednesday 04 September, 2019

Stirling Industries

Response to recent speculation

RNS Number : 1188L
Stirling Industries PLC
04 September 2019
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.

 

THIS ANNOUNCEMENT, INCLUDING INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (COLLECTIVELY, THE "UNITED STATES"), CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN OR INTO ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AND DOES NOT CONSTITUTE, CONTAIN OR FORM PART OF AN OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

 

Stirling Industries plc

 

("Stirling" or the "Company")

 

Response to recent speculation

 

Stirling (AIM: STRL.L) notes that, since the announcement of its results for the period ending 31 March 2019 and the update provided with respect to the potential acquisition of its first operating asset (the "Transaction"), there has been rumour and speculation regarding the identity of the Company's first potential acquisition.

 

Stirling confirms that the target in question is Ipsen International GmbH ("Ipsen").

 

Ipsen is the market-leading global provider of heat treatment equipment and associated aftermarket services, selling into a range of sectors with attractive market fundamentals. Ipsen supplies a wide range of 'blue chip' global OEMs across the aerospace, manufacturing, automotive, and broader industrial sectors, and has a diversified geographic footprint and revenue base.

 

As announced on 3 September 2019, the Transaction, if entered into, will be a reverse takeover for the purposes of the AIM Rules for Companies. On this basis, Stirling requested a temporary suspension of trading in its ordinary shares when advanced discussions regarding the Transaction were announced on 3 September 2019. This suspension will continue until either the publication of the admission document following entry into a definitive legal agreement in respect of the Transaction or the announcement of the termination of discussions.

 

Whilst discussions are on-going, there can be no certainty at this time as to the final terms and conditions of the Transaction or whether the Transaction will proceed. A further announcement will be made as appropriate in due course. Stirling currently expects to be able to update shareholders in the period leading up to its Annual General Meeting, which is to be held on 30 September 2019.

 

This announcement contains inside information for the purposes of the Market Abuse Regulation (EU) NO. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of Stirling is Simon Thomas, Chief Operating Officer and Company Secretary of Stirling.

 

- Ends -

 

For more information contact:

 

Stirling Industries plc

Blair Illingworth, Chief Executive 

c/o Montfort Communications

 

+44 (0)78 1234 5205

Montfort Communications - Financial Communications

Olly Scott

 

+44 (0)78 1234 5205

Numis Securities - Nominated Adviser and Broker

Luke Bordewich

Ben Stoop

+44 (0)20 7260 1000

 

Numis Securities Limited is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to its clients or advice to any other person in relation to the matters contained herein.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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