Further to the commercial update announced on 13 February 2024, the board of directors (the ?Board?) of Saietta Group plc (AIM:SED) has decided to conduct a formal review of the strategic options available to the Company (the ?Strategic Review?). Whilst the Company's cashflow model shows positive cash balances to the end of March, the Company's Directors are becoming increasingly aware that certain contracted cash receipts may be withheld, therefore bringing forward the date, absent any further funding, on which the Company can no longer solvently trade. The Board continues to believe in the quality of Saietta's products and the compelling market opportunity and accordingly remains hopeful that a solvent solution for the Company can be found.

The Company will continue to look at all financing and other strategic options available and has a number of discussions ongoing. Should the Company not have made material progress with its formal sale process or with any other financing initiatives by the end of next week, the Company may need to commence planning for an administration. A further announcement will be made in due course.

Takeover Code considerations: One of the options that will be considered in the Strategic Review is a potential sale of the Group by way of a ?formal sale process?. The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code for so long as it is participating in the formal sale process. Interested parties should note Rule 21.2 of the Takeover Code, which will prohibit any form of inducement fee or other offer-related arrangement, and that the Company, although it may do so in the future, has not at this stage requested any dispensation from this prohibition under Note 2 of Rule 21.2. Following this announcement, the Group is now considered to be in an ?offer period?

as defined in the Takeover Code, and the dealing disclosure requirements as set out below will apply. The Board has appointed Ernst and Young LLP (?EY?) to undertake the Strategic Review and formal sale process. Canaccord Genuity Limited (?Canaccord Genuity?) is advising Saietta Group plc in respect of the application of the Takeover Code.

The Group is in discussions with a potential offeror which are at a relatively early stage. The Board emphasises that a sale of the Group is only one of a number of strategic options to be considered under the Strategic Review. Another option under consideration is to seek investment in the Group.

This may offer the scope for existing investors to participate but the Board recognises that, given the current market capitalisation of the Group, a significant investment could trigger the requirement for a waiver under Rule 9 of the Takeover Code. Parties interested in submitting any expression of interest or other proposal relating to any strategic option for the business, should contact EY through the contact details given below. It is currently expected that any party interested in submitting any form of proposal for consideration within the Strategic Review (including within the formal sale process) will, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with the Group on terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process.

The Group then intends to provide parties before being permitted to participate in the process. The Group then intends to provide such interested parties with certain information on its business, following which interested parties shall be invited to submit their proposals to EY. The Group commences the formal sale process immediately and expects it to run for a short period time.

The Board reserves the right to alter any aspect of the process as outlined above or to terminate the process at any time and in such cases will make an announcement as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party at any time. Shareholders are advised that this announcement does not represent a firm intention by any party to make an offer under Rule 2.7 of the Takeover Code and there can be no certainty that any offers will be made as a result of the formal sale process, that any sale, strategic investment or other transaction will be concluded, nor as to the terms on which any offer, strategic investment or other transaction may be made.