LONDON, UK: Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, announced the launch of a sale process for the Stevenage Circuits business, in order to allow the company to focus its financial and management resources more fully on its core IHT business.
On 30 March 2023 the company announced that, following an impairment review of Stevenage Circuits Limited (SCL), there would be an impairment charge related to SCL as laid out in that announcement.
Following a further internal review, the Board has resolved to commence a sale process for SCL (the “SCL Sale Process”). The SCL Sale Process may be by way of the sale of SCL (a 100% owned Group subsidiary), or by way of a business and assets sale or similar.
The Board will assess the merits of expressions of interest received pursuant to the SCL Sale Process but wishes to be clear that there can be no certainty that a sale will go ahead, nor as to the terms of any such sale. Should a sale go ahead, the timing of the sale and receipt of any proceeds remains uncertain. Further details are provided below.
Stevenage Circuits Limited operates from the Group’s Stevenage site and forms the majority of the Group’s Advanced PCB (APCB) business. Disposal of SCL would not impact the IHT business and would remove the risk of SCL diverting resources away from the IHT business.
The Board is in the process of appointing a sales agent for the SCL Sale Process. The intent is to conduct a targeted process, focused on securing a buyer who understands and values the full potential of SCL.
The Board reserves the right to alter any aspect of the SCL Sale Process or to terminate it at any time and in such cases will make an announcement as appropriate. Further announcements will be made as and when appropriate.