Imaginatik in talks with various parties over potential sale

Imaginatik updated the market on its strategic review on Wednesday, which it had announced on 1 February, including a potential sale of the company conducted within the formal sale process framework.

The AIM-traded firm said that, following that announcement, it had received approaches directly and through potential buyers contacted by its financial adviser RSM & Co.

It said that potential buyers wishing to participate in the formal sale process were required to sign a non-disclosure agreement, after which they received further information on the company.

Potential buyers then submitted proposals to RSM for the board's consideration.

“As a result, the board is now engaged in detailed discussions with certain parties about the sale of the company, with the aim of announcing the outcome of the process by the end of May,” the board said in its statement.

As it had previously announced, the takeover panel granted a dispensation from the requirements of rules 2.4 a and b, and 2.6 a of the Takeover Code, such that any interested party participating in the formal sale process would not be required to be publicly identified as a result of Wednesday’s announcement, and would not be subject to the 28 day deadline for so long as it was participating in the formal sale process.

“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made,” the board added.