Response to Rule 2.8 Announcement
Keensight withdraws takeover approach; NIOX ends private sale process citing macroeconomic conditions.
- Q1 sales growth 18%
- Net cash at 31 March 2025 £15.4m
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& Strategic Update
The Board of NIOX Group plc ("NIOX" or the "Company"; AIM: NIOX) notes the announcement made today by Keensight Capital ("Keensight") under Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), confirming that, given the prevailing macroeconomic conditions, it does not intend to make a firm offer for the Company. As a result, Keensight are bound by the restrictions set out in Rule 2.8 of the Code. Furthermore, in light of the current macroeconomic backdrop, the NIOX Board has also concluded that continuing the Private Sale Process ("PSP") at this time is unlikely to yield an optimal outcome for shareholders. Accordingly, the PSP is being discontinued with immediate effect.
As noted in the preliminary results announcement on 1 April 2025, the current year has started well. Sales growth in the first quarter for the Group as a whole was 18%. Net cash as at 31 March 2025 was £15.4m. A further trading update will be made at the Company's Annual General Meeting on 14 May 2025.
Notice related to financial advisers
Investec Bank plc is retained as joint broker to NIOX.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.