On 4th March 2024 Jaywing plc (AIM:JWNG) announced that, reflecting the Lenders desire to see the business recapitalised, the Company would explore all strategic options, including a possible sale of the Company. The very tough trading conditions over the last 2-3 years have begun to ease somewhat and the hard decisions on cost cutting taken by the Company, coupled with increased business confidence, give us some cause for optimism. Whilst it is too early to predict any sustained recovery, the Board has concluded that seeking to crystallise value through a sale of the Company at this time is not in the interests of stakeholders.

The Board will continue to focus on maximising value for shareholders. Accordingly, the Board has decided to terminate the Strategic Review under the City Code on Takeovers and Mergers (the "Takeover Code"). The Company is not in discussions with any party in relation to a sale and is not in receipt of any approaches.

Accordingly, the Company is no longer in an offer period and the requirement to make disclosures under Rule 8 of the Takeover Code has now ceased. Ian Robinson, Chairman, commented; "Andrew has led the business through a challenging period and the Board would like to thank him for his contribution in his four years with the Group. "After nearly three years with the Group Christopher Hughes is ready to step up to the COO role, the three CEO's of the Group's operating businesses will report to him.

David Beck is an experienced executive with both relevant industry experience and a strong track record, he will focus on helping the executive team to build and grow the business." David Beck, commented; "Whilst the Board will continue to benefit from Ian Robinson's advice and guidance as a Non-Executive Director I would like to thank him for his stewardship of the Group in his period as Chairman. I look forward to working with the strong management teams we have in place in all divisions to take the business forward".