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| Date | 5 Apr 2022 |
| Time | 07:00:03 |
| Category | Corporate updates |
| ID | 2332H |
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
NOTHING IN THIS ANNOUNCEMENT OR THE PROSPECTUS CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY TERRITORY.
AdvancedAdvT Limited
("AdvancedAdvT" or the "Company")
Lifting of Share Suspension, Strategic Overview, Net Asset Value and Net Cash Position
Lifting of Share Suspension
Following the publication of the Prospectus on 31 March 2022, the Company is pleased to announce that the suspension of the Company's ordinary shares will be lifted and trading will recommence at 8.00 a.m. today.
Strategic Overview
The Company was formed to seek and identify situations where a merger of management expertise, improving operating performance, freeing up cashflow for investment and implementation of focused investment and M&A strategy can unlock growth in their core markets and often into new territories and adjacent sectors.
The Company's objective is to generate attractive long term returns for shareholders and to enhance value by supporting sustainable growth, acquisitions and performance improvements within the acquired companies.
Over the last 25 years companies across all sectors have increasingly adopted new digital technologies to optimise business processes and operations. Implementing these new technologies has become central to driving cost efficiencies and gaining a competitive advantage in a digital world, where sectors and businesses with the highest level of digitalisation display the largest productivity growth.
Despite the opportunities presented by digitalisation, pre-Covid-19 adoption of new technologies by businesses and consumers was in part restricted by the reticence of companies to invest in digital strategies and adopt new systems and technologies.
The global restrictions caused by Covid-19 have helped to break down these barriers and forced businesses to become more agile which has considerably accelerated digitalisation. Despite businesses cutting costs because of the Covid-19 pandemic, spending on digital transformation has increased as organisations rapidly adapt their business models. A McKinsey study[1] found that the pandemic had sped up the adoption of digital technologies by several years, and that most companies will need to build new digital businesses to stay economically viable.
We therefore believe there is significant opportunity to invest in companies that are positioned to take advantage of the structural change arising from an unprecedented acceleration of digitalisation brought about by the current macroeconomic environment, affecting the way people live, work and consume, and the way businesses operate, engage and sell to customers.
Net Asset Value and Net Cash Position
AdvancedAdvT announces that as at 31 March 2022, the unaudited net asset value ("NAV") per ordinary share was 94 pence[2].
The above NAV calculation is based on the Company's issued share capital of 133,200,000 ordinary shares of no par value each.
The Company announces that as at 31 March 2022, it had an unaudited net cash balance of £105.1m.
The LEI of the Company is 254900WYO35S1T334A28.
Footnotes:
[2] As at the close of business on 31 March 2022, AdvancedAdvT's holding of ordinary shares in M&C Saatchi was valued at £21.3m, using a 10 day volume weighted average price to 31 March 2022 of 177.8 pence per M&C Saatchi share.
As at the 31 March 2022, the total value of trade and other receivable balances held by the Company are immaterial, and the total value of the Company's trade and other payables balances are £0.3m.
Enquiries:
Company Secretary
Antoinette Vanderpuije 020 7004 2743
Meare Consulting (Financial PR to the Company)
Adrian Duffield 07990 858548
Further information on the Company can be found on its website at www.advancedadvt.com. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a regulatory information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.