Accesso Technology : Update on the formal sale process

15 October 2019

ACCESSO TECHNOLOGY GROUP PLC

('accesso' or the 'Company')

Update on the formal sale process

accesso Technology Group plc (AIM: ASCO), the premier technology solutions provider to leisure, entertainment, hospitality, attractions and cultural markets, provides the following update on its announced formal sale process (the 'Formal Sale Process') under the City Code on Takeovers and Mergers (the 'Code').

Following the receipt of a number of unsolicited approaches and in consultation with the UK Takeover Panel, the Company announced the commencement of a Formal Sale Process on 24 July 2019. In reaching its decision, the Board considered that a Formal Sale Process was the most appropriate process to ascertain whether such interest could translate into an offer for the Company on terms which the Board would be prepared to recommend to accesso shareholders.

As part of the Formal Sale Process, the Company and its advisers have interacted with a number of interested parties. After initial discussions, many of the parties submitted written non-binding indications of interest that the Company regarded as acceptable to warrant allowing those parties to engage with management on the Company's business, operational and financial performance. Following meetings with management, the interested parties were asked to submit refreshed indications of interest by the end of September 2019. The Company and its advisers have now received refreshed indications of interest from a number of the interested parties, none of which are at a level that the Board feels offers sufficient value to shareholders. The Board and its advisers are continuing to engage in discussions with certain of these parties to determine whether an offer for the Company can be delivered at a value that the Board considers is attractive to shareholders.

Whilst the Formal Sale Process remains ongoing, the Board and the Company's management team continues to execute on its current strategic plan to realign and better integrate the Company's product and service offerings and to maximise the penetration of the estimated $3.4 billion⁽¹⁾ total addressable market (TAM) opportunity. Execution of the plan is in response to the market shift towards integrated guest experiences, enabling accesso to leverage its unique product suite to improve business outcomes for customers. If the Formal Sale Process does not result in an acceptable offer being made to accesso shareholders, the Board and the Company's management team are fully prepared to continue to execute this plan.

This announcement is not a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that any offers will be made as a result of the Formal Sale Process, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made.

The Board reserves the right to alter any aspect of the Formal Sale Process or to terminate it at any time and will make further announcements when appropriate. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.

(1)Internal management analysis.

For further information please contact:

accesso Technology Group plc Paul Noland, Chief Executive Officer John Alder, Chief Financial Officer Simon Chisholm, Investor Relations		[phone] [phone]
KeyBanc Capital Markets Inc. (Lead Financial Adviser) Thomas Mazzucco, Chris Headrick		US: [phone] US: [phone]
Canaccord Genuity Limited (Rule 3 Adviser, Nominated Adviser and Joint Broker) Simon Bridges, Richard Andrews		[phone]
Numis Securities Limited (Financial Adviser and Joint Broker) Simon Willis, Mark Lander		[phone]
FTI Consulting, LLP Matt Dixon, Chris Birt		[phone]