Termination of FSP

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR. 

FOR IMMEDIATE RELEASE

Checkit plc

(“Checkit”, the “Company” or the “Group”)

Termination of Formal Sale Process

Checkit plc, the intelligent operations platform for frontline-led organisations, today announces the termination of the Formal Sale Process (“FSP”) launched on 26 March 2026.

The FSP attracted interest from a broad range of potential strategic and financial acquirers, with management presenting to participants in the FSP.

Having considered relevant transaction benchmarks and the value that the Board believes can be created by the Company remaining independent, the Board determined that it would not consider proposals below 30 pence per share. This was announced on 8 September 2026.

During the FSP, the Company received non-binding offers from three credible potential acquirers following initial due diligence at 22 pence, 25 pence and a range of 31-33 pence per share. Following discussions with the first two parties, the Board concluded that it was not possible to agree a valuation at a level which it considered it could recommend to shareholders, and those proposals did not progress. The third party subsequently decided not to proceed, having concluded that an acquisition of Checkit did not fit closely enough with its existing business.

The FSP generated verbal indications of interest from other credible potential acquirers in the range of 20-25 pence per share which the Board did not pursue and one verbal indication of 40 pence which that party did not progress.

Given that six months have elapsed since the commencement of the FSP, the Board has terminated ongoing discussions with remaining parties and confirms that it is not in receipt of any approaches. The Company therefore confirms that it has terminated the FSP, and is no longer in an offer period as defined in the City Code on Takeovers and Mergers (“Takeover Code”). Accordingly, the dealing disclosure requirements under Rule 8 of the Takeover Code no longer apply.

The FSP has reinforced the Board’s view that Checkit represents a strategically relevant platform within an attractive and consolidating market. Checkit is now also operating from a substantially strengthened financial and strategic position. The transformation undertaken over recent years has created a focused, increasingly profitable and cash-generative software business with high recurring revenues, improving margins and a clear pathway to disciplined growth.

The Group’s interim results, being announced separately today, demonstrate the progress being made and set out the Board’s priorities for Checkit’s next phase of value creation.

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