Notice of Intention to Appoint Administrators

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as implemented into English law ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain. 

13 September 2021

Tricorn Group PLC ("Tricorn" or "the Company")

Extended Notice of Intention to Appoint Administrators

On 19 August 2021, the Company announced that the Board had resolved to file a notice of intention to appoint administrators to the Company and its UK subsidiary, Tricorn UK Limited, within 10 business days. On 6 September 2021, a revised Notice of Intention was filed with the High Court of Justice to extend this period by a further 10 business days.

The Company and its advisers have continued to be engaged in discussions with various parties. Indicative offers have been received from certain parties for the acquisition of the trading operations and/or subsidiaries of the Company on a going concern basis, and discussions are ongoing with further parties which may lead to indicative offers on a similar basis.

The Board continues to believe that in light of the continuing pressure on immediate working capital requirements and cash constraints and in the absence of a viable solution for additional funding or an offer for the shares of the Company, in the time available it remains in the best interests of stakeholders as a whole to pursue a sale of the Company's trading operations and/or subsidiaries in order to secure the best possible outcome for creditors, suppliers, customers, and staff.

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