Update following GM and end of offer period
Empresaria Group PLC announced that Legacy UK Holdings Limited does not intend to make an offer for the company, thus ending the "offer period" as defined by the Takeover Code. Consequently, the disclosure requirements pursuant to Rule 8 of the Takeover Code are no longer applicable. The newly appointed Board, led by Joost Kreulen, will conduct a review of the Group's operations, focusing on efficiency and cost discipline to stabilize the Group financially and operationally. Joost Kreulen, the new Chair, will dedicate additional time to the role for up to six months. Eckhard Koehn will support the Group's operations in Germany.
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Empresaria Group plc (AIM: EMR), the international specialist staffing group, ("Empresaria" or the "Company" and, together with its subsidiary undertakings, the "Group") provides the following update for shareholders following last week's requisitioned general meeting (the "General Meeting") and the subsequent changes to its board of directors (the "Board").
End of offer period
The Board notes Legacy UK Holdings Limited's ("Legacy") announcement on 22 October 2025 confirming that, in accordance with Rule 2.8 of the City Code on Takeovers and Mergers (the "Takeover Code"), it does not intend to make an offer for the Company (the "Legacy Rule 2.8 Announcement"). As a consequence, Legacy is now subject to the restrictions under Rule 2.8 of the Takeover Code. In addition, as a result of the Legacy Rule 2.8 Announcement, the Company is no longer in an "offer period" as defined by the Takeover Code and the disclosure requirements pursuant to Rule 8 of the Takeover Code are no longer applicable.
Board focus
Over the coming weeks, the newly appointed Board, led by Joost Kreulen, will conduct a thorough review of the Group's operations. The primary objective of the Board is to:
| · | address the commercial and other challenges that the Group faces and stabilise the Group's operations, both financially and operationally, by focusing on efficiency and cost discipline; |
| · | build on the Board's relationships with the Group's management teams and support them in delivering on the Group's commercial goals; and |
| · | ensure that the Group is well positioned to benefit once the broader staffing and recruitment markets begin to recover. |
Empresaria has a strong foundation, a global footprint and a team of committed professionals. The Board believes that the Group has significant untapped potential and has the teams in place that can unlock this potential.
Management update
Joost Kreulen, who was appointed as Empresaria's Chair following the General Meeting, will, for an interim period expected to be up to six months, dedicate additional time to the role in order to support the objectives outlined above. Joost brings a wealth of industry knowledge with more than 30 years' experience in the staffing and recruitment sector, including six years as Chief Executive Officer of Empresaria from 2012 to 2018. He has previously held senior roles at Staff Planning Nederlands B.V., Select Appointments Nederland B.V. and Vedior Groep Nederland Specialisten B.V.
Eckhard Koehn, who was appointed to the Board as a non-executive director at the General Meeting, will additionally provide support to the Group's operations in Germany. Eckhard is an experienced German staffing professional with significant experience in the German market having held senior positions with DaimlerChrysler AG and Jobline.de GmbH & Co., as well as serving as Chief Executive Officer of Newtron AG.
Joost Kreulen, Chair of Empresaria, commented:
"The Board as a whole would like to take this opportunity to thank shareholders for their continued support. We remain focussed on our immediate priorities for the future of Empresaria and are committed to working closely with our management teams to build on the solid foundations already in place.
"We would like to acknowledge and thank Rhona Driggs for her contribution during her tenure as CEO and to thank the outgoing Board members for their service during what has been a challenging time for the Group.
"We are committed to leveraging Empresaria's strengths and strong market position to return the Group to long-term, sustainable growth. We look forward to updating shareholders on our progress in the months ahead."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.