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LONDON - Enteq Technologies plc (AIM:NTQ.L), a supplier of energy services technology and equipment, has concluded its formal sale process (FSP) initiated on January 20, 2025, without securing an offer for the company. The process aimed to explore whether a buyer could offer greater value to shareholders than the current standalone strategy could achieve.
Despite engaging with several parties, the board has determined that a near-term offer for its share capital is unlikely. Consequently, the board has decided to discontinue the FSP and instead will negotiate directly with interested parties for the sale of its business, assets, and intellectual property (IP).
Currently, Enteq is not in discussions with any potential buyers nor has it received any proposals. With the termination of the FSP, the company is no longer in an offer period, and the disclosure obligations under Rule 8 of the Takeover Code have ceased.
The board is actively seeking short-term funding to support the company’s operations and has taken steps to reduce expenditures while preserving asset value for creditors and shareholders. As of April 25, 2025, Enteq has a cash balance of $0.602 million, which is expected to last until mid-May based on current forecasts. The company is entering discussions with shareholders and financiers to secure additional funds to facilitate the sale of its assets and IP.
Regarding its SABER technology, the equipment remains in Houston, prepared for further drilling operations with enhancements. The Australian customer who has been testing the technology remains interested, and the equipment will be used again when possible. The board continues to support the potential of SABER as a disruptive market technology and is open to funding strategies to realize its potential. Additionally, a standalone power generator module derived from SABER is being developed, with commercial and technical discussions underway with potential customers.
This update is based on a press release statement from Enteq Technologies plc.
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