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LONDON - Science Group PLC has announced that it has increased its stake in engineering consulting firm Ricardo PLC to over 20%, a significant investment milestone reached within seven weeks. The Group now holds 12,492,623 shares, representing approximately 20.08% of Ricardo's voting rights, acquired at an average cost of 236 pence per share.
The acquisition follows a period of disappointing performance by Ricardo and a subsequent loss of investor confidence, with share prices dropping to levels last seen in 2010. Science Group's increased shareholding comes amid what it describes as ineffective governance by Ricardo's Board, particularly in navigating market challenges in 2024 and the emerging global economic volatility of 2025.
Science Group, which retains significant cash resources of £21.2 million and net funds of £9.3 million after the investment, has expressed concerns about Ricardo's management and governance. The Group has previously made its position clear in announcements on March 17 and March 31, criticizing the Ricardo Board for not taking responsibility for the loss of shareholder value and suggesting that the Chairman's position is untenable.
The recent market and economic volatility, which has intensified in the past week, has underscored Science Group's assertion of the need for change at Ricardo. The Group advocates for a redefined future strategy and a Board realignment to better reflect the current market environment and prioritize shareholder interests.
Science Group has not disclosed whether it will further increase its shareholding in Ricardo. The Group's strategic move and its implications for Ricardo's future governance and performance are being closely watched by investors and market analysts. This report is based on a press release statement from Science Group PLC.
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