Trackwise Designs PLC Trackwise Designs plc Sale Process (8781G)
July 24 2023 - 2:00AM
UK Regulatory
TIDMTWD
RNS Number : 8781G
Trackwise Designs PLC
24 July 2023
24 July 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
Trackwise Designs plc Sale Process
Trackwise Designs plc (AIM: TWD), a leading manufacturer of
specialist products using printed circuit technology, announces the
launch of a sale process for the business.
On 21 July 2023 the Company announced that, after working with a
Tier-1 for more than a year on the opportunity to supply Cell
Connection System FPCAs to the Tier-1, for onward assembly and
supply to OEM B, Trackwise has been informed by the Tier-1 that the
Tier-1 has not been successful in obtaining nomination from OEM B
and, as a result, the Board is reviewing all options for TWD.
Following a further internal review, the Board has resolved to
commence a sale process for TWD (the "TWD Sale Process").
Parties that are potentially interested in the acquisition of,
or investment in, Trackwise Designs plc should contact the
Corporate Finance Team at FRP Advisory Trading Limited using the
following email address trackwise@frpadvisory.com.
The Board reserves the right to alter any aspect of the TWD Sale
Process or to terminate it at any time and in such cases will make
an announcement as appropriate. Further announcements will be made
as and when appropriate.
The SCL Sale Process
On 3 May 2023 the Company announced that it was in the process
of appointing a sales agent for the SCL Sale Process. Initial
offers have been received and are being assessed.
Parties that are potentially interested in the acquisition of,
or investment in Stevenage Circuits Limited should contact the
Corporate Finance Team at FRP Advisory Trading Limited using the
following email address trackwise@frpadvisory.com.
The Board reserves the right to alter any aspect of the SCL Sale
Process or to terminate it at any time and in such cases will make
an announcement as appropriate. Further announcements will be made
as and when appropriate.
Enquiries
Trackwise Designs plc +44 (0)1684 299 930
Philip Johnston, CEO www.trackwise.co.uk
Paul Cook, CFO
finnCap Ltd +44 (0)20 7220 0500
NOMAD and Broker
Ed Frisby/Fergus Sullivan - Corporate
Finance
Andrew Burdis/Barney Hayward -
ECM
Alma PR +44 (0)20 3405 0205
Financial PR and IR
David Ison/ Kieran Breheny/Pippa
Crabtree
Notes to editors
Trackwise is a UK-based, King's Award winning, manufacturer of
specialist products using printed circuit technology.
The full suite includes: Improved Harness Technology(TM) ("IHT")
and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short
Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has
developed to manufacture multilayer flexible printed circuits of
unlimited length. While the technology has many applications, the
directors expect that one of its primary uses will be to replace
traditional wire harnesses in a variety of industries.
The Company operates from three sites, located in Tewkesbury,
Stonehouse and Stevenage. It serves customers in Europe and North
America.
Trackwise Designs plc was admitted to trading on AIM in 2018
with the ticker TWD. For additional information please visit
www.trackwise.co.uk.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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END
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