After talks between Made.com and potential bidders broke down, Made.com is now on the verge of collapse.
The company stated that it no longer receives funding proposals or offers for potential sales.
Made.com stated in a statement that “The company might decide it is appropriate to request suspension of listing the company’s ordinary share on the London Stock Exchange Main Market for listed securities.”
Update on Formal Sale Process (“FSP”) and Strategic Review
Further to the announcement on 17 October 2022, the Board of MADE provides the following update.
The Board invited a select number of parties to work towards firm offers by the end of October. Following further discussion, those parties have all now confirmed to the Company that they are unable to meet the necessary timetable. As a result, those discussions have been terminated and the Company is no longer in receipt of funding proposals or possible offers for the issued and to be issued share capital of the Company. Whilst at this stage the FSP is ongoing, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be.
The Board is considering the position and a further announcement will be made in due course. If further funding cannot be raised, or a firm offer for the Company is not received before the Company’s cash reserves are fully depleted, the Board will take the appropriate steps to preserve value for creditors. There can be no certainty that the terms of any offer or investment received will be suitable.
Suspension of Listing
In light of the above, the Company may determine that it is appropriate to request a suspension of listing of the Company’s ordinary shares on the London Stock Exchange’s Main Market for listed securities. A further announcement will be made in due course.
Enquiries:
MADE
Nicola Thompson, Chief Executive Officer
Patrick Lewis, Chief Financial Officer
Phil Clark, Investor Relations
