SyQic takeover deal extended a sixth time
Updated : 16:34
Mobile television service provider SyQic updated the market on the potential takeover by its chief and an investment firm on Friday, in a deal that was initially announced in April and has already been extended five times.
The AIM-traded firm had announced on 16 September that chief executive Jamal Hassim and MMV Investments must, by not later than 1700 BST on 7 October, either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer.
At the time, SyQic also confirmed that it could approach the Panel on Takeovers and Mergers for a further extension to the deadline in accordance with Rule 2.6(c) of the Code.
“Following a request from the independent board of directors of SyQic, the Panel has consented to an extension of the deadline to 1700 GMT on 28 October 2016, by which time [the bidders] must either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer for the company,” SyQic’s board said in a statement.
“This deadline will only be extended with the consent of the Panel.”
SyQic also updated the market on the status of its audited report and accounts, which it had indicated were delayed on 28 June.
“The audit for the year to 31 December 2015 is in the process of being finalised,” the board explained.
“As set out in the company's trading update on 20 April, the board are in discussions with the company's auditors regarding the level of provision to be made against the company's trade receivables.
“These discussions are ongoing and may result in the company making a provision against its trade receivables and it now appears likely that the auditors will issue a qualified audit opinion on the report and accounts for the year to 31 December 2015.”
As a result, the independent directors reportedly remain in extended discussions and negotiations with the bidders.
“The company hopes to issue its interim report for the six month to 30 June at the same time as its audited results in the near future.”