21st Sep 2018 12:17
LONDON (Alliance News) - Science Group PLC on Friday said it is seeking offers for the company as part of a wider strategic review.
The consultancy business, which has two freehold office/laboratory assets, has entered a formal sale process and invited offers from interested parties.
This move forms part of Science Group's corporate strategic review process, which looks to assess the merits of a sale as well as its existing shareholder structure.
At present, Science Group Chairman Martyn Ratcliffe holds 34% of the company's shares. Including Ratcliffe, the top three shareholders hold a 60% stake and the top ten hold an 80% stake. The company feels this inhibits investment and noted that the company's issued capital, excluding treasury shares, was less on Friday than it was in June 2010 despite "significant growth in operations".
Science Group's formal review will also evaluate the company's allocation of its cash resources and assets, as well as the potential diversification of the company and is due to complete by the time of its 2018 preliminary results release.
"The operations and organisational structure of the business are not part of the review," the company said.
"It must also be emphasised that Science Group has a very strong balance sheet and a track record of consistent financial performance. As such, the board will undertake the review in a timely but structured manner, evaluating each of the above factors, and potentially others that may arise, in defining the future corporate strategy," the consultancy added.
Shares in Science Group were up 7.9% at 260.00 pence on Friday.
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