15 July 2019
Maestrano Group PLC ("Maestrano" or the "Company" or the "Group")
Term Sheet Signed for Potential Acquisition
Maestrano Group PLC (AIM: MNO), the open platform for banking integration, master data management and business analytics is pleased to provide a business update.
Since announcing on 1 May 2019 the closure of the US banking customer project, Maestrano has undertaken a review of business strategy and long term value growth. We are committed to continuing development of our master data management platform and support for current and prospective clients but also resolved to explore opportunities to acquire complimentary products and teams, where clear opportunities exist to accelerate shareholder value.
One such opportunity has arisen and, after preliminary due diligence, Maestrano and this company have signed a term sheet in order to enter into a period of exclusive negotiation and formal due diligence. The potential acquisition is at an early stage and there is no certainty that a transaction will be concluded. Further announcements will be made in due course.
Andrew Pearson, CEO of Maestrano, commented:
"Whilst we remain focused on the projects utilizing our existing platform, we have a view that we can assist the scaling of Maestrano by executing carefully selected value-accretive acquisitions where both technology sets are able to be leveraged to deliver new and innovative solutions. We believe we have such an opportunity in hand now and will proceed with a thorough diligence process."
| || |
Maestrano Group plc
Ian Buddery, Chairman
Andrew Pearson, CEO
Grant Thornton (Nominated Adviser)
Colin Aaronson / Jamie Barklem
+44 (0)20 7383 5100
Arden Partners (Broker)
Corporate Finance: Ruari McGirr / Ciaran Walsh
Equity Sales: Tim Dainton
+44 (0)20 7614 5900
IFC Advisory Limited (Financial PR & IR)
Graham Herring / Miles Nolan / Zach Cohen
+44 (0)20 3934 6630
Maestrano develops and deploys a patented cloud-based Platform as a Service that serves the needs of Small to Medium Businesses (SMBs) and large Enterprises (such as major banks and global accounting firms) to access real time, automated management data efficiently on an integrated platform. This technology is called Master Data Management (MDM).
Further information on the Group is available at www.maestrano.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com or visit www.rns.com.