The Board of Global InterConnection Group Limited (GIG) (together with its subsidiaries and affiliates, the “Group”) reports that it has received expressions of interest from third-party investors regarding potential substantial investments in the Group, including a potential Offer to acquire the issued and to be issued share capital of GIG.
GIG has entered into a term sheet with a third-party investor, including a formal written proposal to acquire the Group; and to invest into its portfolio of underlying infrastructure development assets. The potential Offer follows a period of constructive engagement relating to the Group’s strategic platform and forward development plans. The Board emphasises that there can be no certainty that the Offer will be made, nor as to its terms or timing.
Additionally, further non-binding Proposals have been received in respect of financing from third-party sovereign backed investors, notably in respect of financing the HVDC Cable order; the provision of Cable as a Service to grids, interconnectors and offshore arrays; and the Group’s interconnector development assets.
While the Offer and the Proposals remain at a preliminary stage and are subject inter alia to legal documentation, certain funds confirmation, diligence, internal approvals and regulatory review, the Board views these potential developments as a validation of GIG’s long-term strategy and market positioning. The extension period for the Offeror spin-out and the associated Right of First Refusal (ROFR) process to invest into ASC Energy plc 2056 Index-Linked Convertible GreenBonds expires today. An announcement will follow on the level of take-up of the RoFR. With the full subscription commitment from the Offeror not yet funded, the Board considers that the emergence of third-party investor interest makes it appropriate to pause decisions in respect of the previously announced spin-out LINK whilst it considers these third-party approaches in parallel.
The GIG Board emphasises that there can be no certainty that the Offer or any Proposal will be agreed, nor as to the terms, certain funds confirmation or structure of any potential financing. Further announcements will be made as appropriate, in accordance with the Company’s obligations under the Market Abuse Regulation (EU No. 596/2014) as incorporated into Dutch law and the Euronext Amsterdam rules.
This announcement may contain forward-looking statements. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. The Company undertakes no obligation to update any forward-looking statements, except as required by law.