SyQic could seek extension on talks with suitors

The AIM-traded company had announced on 20 April that it is in discussions with Jamal Hassim, its chief executive, and MMV Investments, a company owned by Johan Robb - together ‘Bidco’ - in connection with a possible offer for the whole of the issued share capital of SyQic.

Its half yearly report for the six months to 30 June, and its final results for the year ended 31 December - both of which were announced on 7 September - referred to interest from Yuma Ventures to acquire all the shares in the company.

The board said on Wednesday that it would like to clarify that Yuma Ventures, currently owned by Jamal Hassim, is being considered by Bidco as the entity to be used for any possible offer by Bidco for the company.

It added that there is no guarantee that any offer will be forthcoming.

“As previously announced on 28 October, Bidco must, by not later than 1700 GMT on 11 November 2016, either announce a firm intention to make an offer for the company in accordance with Rule 2.7 of the Code or 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,” the board confirmed in a statement.

“The company also announced that it could approach the Panel on Takeovers and Mergers for a further extension to this deadline in due course in accordance with Rule 2.6(c) of the Code.

“This deadline will only be extended with the consent of the panel in accordance with Rule 2.6(c) of the code.”