Update on Formal Sale Process
Checkit plc has provided an update on its formal sale process, confirming engagement with potential acquirers and the receipt of several non-binding indicative proposals, all representing substantial premiums to the share price prior to the process's commencement. The Board will not consider proposals below 30 pence per share and is focused on concluding the process in the coming weeks, aiming to recommend a proposal that maximizes shareholder value. Interim results for the six months ended 31 July 2026 are expected by 30 September 2026, and the sale process may conclude around that time if no recommendable offer is received.
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THIS IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.
Checkit plc
("Checkit" or the "Company")
Update on Formal Sale Process
Checkit plc provides an update on the Formal Sale Process ("FSP") announced on 26 March 2026.
Since the commencement of the FSP, the Company and its advisers, EC M&A, have engaged with potential financial and strategic acquirers. Some have undertaken detailed due diligence, including engagement with Checkit management, and the Company has received several non-binding indicative proposals.
The proposals received have all represented substantial premiums to the Company's share price prior to commencement of the FSP. In the latest phase of the FSP, the Board determined that it would not consider proposals below 30 pence per share. The Board has maintained a disciplined approach to valuation throughout the FSP and has progressed discussions with parties where it considered that the prospective value and execution certainty provided sufficient basis for further engagement.
The Board is now seeking to bring the FSP to a conclusion over the coming weeks and is focused on determining whether any remaining party can deliver a proposal that it could recommend to shareholders.
The Company intends to publish its interim results for the six months ended 31 July 2026 by 30 September 2026. In the absence of receiving a proposal that the Board believes is capable of being progressed towards an announcement of a firm intention to make an offer under Rule 2.7 of the Takeover Code, the Board would expect to conclude the FSP around the time of publication of those results. The Board remains confident in Checkit's strategy and prospects and the Board's objective remains to maximise value for shareholders irrespective of the outcome of the FSP.
As previously stated, there can be no certainty that any offers will be made for the Company as a result of the FSP, that any sale will be concluded, nor as to the terms on which any offer might be made. The Board will provide further updates as appropriate, and shareholders are advised to take no action at this time.
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