Agency and conveyancing software provider Smoove has confirmed press speculation that it could be for sale.
The company issued a statement yesterday confirming that it is in “early discussions” with PEXA Group regarding a possible cash offer for the business.
The statement said: “The Board of the Company notes recent press speculation and confirms that it is in early discussions with PEXA Group Limited (“PEXA”), regarding a possible cash offer for the entire issued and to be issued ordinary share capital of the Company. Discussions with PEXA remain at an early stage. Accordingly, there can be no certainty that an offer will be made for the Company, nor as to the terms on which an offer may be made.
“The Board of the Company also confirms that it is considering an alternative potential transaction proposed to it by a separate third party. Such transaction, if pursued, would not result in an Offer for the Company under the rules of the City Code on Takeovers and Mergers (the “Code”).
“As a consequence of this announcement, an ‘offer period’ has now commenced in respect of the Company in accordance with the rules of the Code and the attention of shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below. In accordance with Rule 2.6(a) of the Code, PEXA must, by not later than 5.00 p.m. on 22 May 2023, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on the Company’s website at www.hellosmoove.com by no later than midday today.
The firm says that a further announcement will be made as and when appropriate.
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