As a result of the global pandemic, Tricorn Group plc (AIM:TCN) has experienced an extended period of challenging markets and turbulent trading. Significant changes to the senior executive team have been made and customer demand is steadily improving which is a welcome sign that the Company is returning to pre-pandemic levels of production activity. It is anticipated that the impact of COVID-19, the significant incidence of material inflation and the shipping delays of imported material will continue to put pressure on operating costs and margins in the near term.

While the Group is currently operating within its borrowing facilities, the near term reduction in profitability and the increased pressure on working capital mean that these facilities alone will not provide the Group with the necessary cash to make the required investment to deliver the turnaround strategy and return the Group to profitable cash generation. In light of these matters, the board of directors ("Board") has now determined to undertake a review of the strategic options open to it in order to maximise value for shareholders. These options include, but are not limited to, a sale of the Company which will be conducted under the framework of a "formal sale process" in accordance with the Takeover Code, or the sale of one or more of the Company's operations.

The Company's shareholder, Roger Allsop, Non-Executive Director of TCN, who has a shareholding of approximately 34.23%. of the issued share capital of TCN, has indicated his support for such a strategic review. The Board has appointed Arden Partners plc (AIM:ARDN) ("Arden") as its financial adviser.

Parties with a potential interest in making a proposal should contact Arden. Any interested party will be required to enter into a non-disclosure agreement with the Company on terms satisfactory to the Board and its advisers. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals to Arden.

Further announcements regarding timings and procedures for the formal sale process will be made as appropriate. The Company is not currently in any discussions with any potential offeror relating to an acquisition of the issued and to be issued share capital of the Company. Shareholders are advised that there can be no certainty that any offers will be made, nor as to the terms of any offer, and thus whether any offer will be completed.

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