BIDS.L

Bidstack Group Plc
Bidstack Group PLC - Intention to Appoint Administrators & Suspension
11th March 2024, 07:00
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RNS Number : 2468G
Bidstack Group PLC
11 March 2024
 

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

11 March 2024

Bidstack Group Plc

("Bidstack" or the "Company" or the "Group")

Update on Strategic Review, Intention to Appoint Administrators and Suspension of Trading in Shares

Further to the announcement made on 5 February 2024, Bidstack Group Plc (AIM: BIDS) announces that the funding alternatives explored as part of the strategic review, which included exploring a sale of the Company's assets, have so far not produced any tangible solvent offers, despite a concerted effort by the Company supported by Alvarez & Marsal Europe LLP which approached upwards of 200 potential buyers of the Group's business and assets. There has also been no further progress with Irdeto. Regrettably therefore, the Board of Bidstack has resolved to file a notice of intention to appoint managing directors from Alvarez & Marsal Europe LLP as administrators to the Company today.

 

The Directors are taking this action to protect the interests of the Group's creditors.

 

In light of the above, the Board announces that it has requested a suspension of trading in the Company's ordinary shares on AIM with effect from 07.30 a.m. today.

 

Further announcements will be made in due course. 

 

-ENDS-

 

Contacts

Bidstack Group Plc

James Draper, CEO

 

via SPARK

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Neil Baldwin / James Keeshan

+44 (0) 203 368 3550

Stifel Nicolaus Europe Limited (Broker)

Fred Walsh / Tom Marsh

 

+44 (0) 20 7710 7600

Alvarez & Marsal Europe LLP (Restructuring Adviser)

London Office

+44 (0) 20 7715 5200

 

Notes to editors

About Bidstack

Bidstack's technology empowers video game publishers to monetise and manage spaces within their virtual environments.  Its platform provides real-time reporting, dynamic targeting and player communication tools for brand activations and fan engagement.

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