Smoove plc has confirmed that discussions have “advanced constructively” between itself and PEXA regarding a possible takeover, and that in order to allow formal due diligence to take place the deadline for an offer has been extended.
Smoove provided the below update to shareholders late last week:
Extension of deadline under Rule 2.6(c) of the Code
On 24 April 2023, the Company announced that it was in early discussions with PEXA Group Limited (“PEXA”), regarding a possible cash offer for the entire issued and to be issued share capital of the Company.
Smoove can confirm that discussions have advanced constructively between the parties and that a formal due diligence process has now commenced. In order to allow for due diligence to be carried out, in accordance with Rule 2.6(c) of the Code, the Board has requested, and the Panel on Takeovers and Mergers (the “Takeover Panel”) has consented to, an extension to the deadline by which PEXA is required either to announce a firm intention to make an offer for Smoove in accordance with Rule 2.7 of the Code or to 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. Such announcement must now be made by not later than 5.00 p.m. on 11 August 2023. This deadline can be further extended by the Board, with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made as and when appropriate.
The Company remains in an “offer period” 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.
