Schedule One - AssetCo Plc | RNS | Ticker

Schedule One - AssetCo Plc

RNS Announcement

RNS Number : 1329U

AIM

31 March 2021

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

AssetCo plc

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Singleton Court Business Park

Wonastow Road

Monmouth

Monmouthshire

NP25 5JA

COUNTRY OF INCORPORATION:

England and Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.assetco.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

On 8 February 2021, the Board announced its intention to change the business strategy of the Company to the development of an asset and wealth management business (the "New Strategy"). The proposed New Strategy will result in a fundamental change of business and the Company will effect a readmission of its Ordinary Shares pursuant to AIM Rule 14.

Upon completion of the readmission, the strategy of the Company will change to the New Strategy of "acquiring, managing and operating asset and wealth management activities and interests, together with other related services". The New Strategy will principally focus on making strategic acquisitions and building organic activities in areas of the asset and wealth management sector where the Directors believe structural shifts have the potential to deliver exceptional growth opportunities. This could include strategic acquisitions of undervalued asset and wealth management businesses which have core capabilities that play to these structural shifts, and where active management can unlock value.

The Company's headquarters and main country of operation will be the UK.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

6,532,943 ordinary shares of 10p each ("Ordinary Shares").

No restrictions on the transferability of the Ordinary Shares.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

The Company's current market capitalisation is approximately £52.3 million, based upon its share price at close of business on 25 March 2021 of 800 pence per Ordinary Share.

No capital has been raised on readmission.

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

54.7 per cent

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

None

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Tudor Davies - Chairman, Proposed Non-executive director

Mark Butcher - Non-executive director

Martin Gilbert - Non-executive director, Proposed Chairman

Peter McKellar - Non-executive director, Proposed Deputy Chairman and CEO

Christopher Mills - Non-executive director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

	Number of Existing Ordinary Name Shares	Percentage of Existing Share Capital
Harwood Capital Management Limited	1,622,500	24.8%
Toscafund Asset Management LLP	800,000	12.2%
Lombard Odier Asset Management (Europe) Limited	651,500	10.0%
Martin Gilbert	650,000	9.9%
ICM Limited	640,000	9.8%
Richard Griffiths	291,872	4.5%
Peter McKellar	225,000	3.4%
Cadoc Limited	200,000	3.1%

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

n/a

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

i. 30 September

ii. 30 September 2020

iii. First three reports:

a. 30 June 2021 (in respect of the half yearly report to 31 March 2021)

b. 31 March 2022 (in respect of the annual report to 30 September 2021)

c. 30 June 2022 (in respect of the half yearly report to 31 March 2022)

EXPECTED ADMISSION DATE:

16 April 2021

NAME AND ADDRESS OF NOMINATED ADVISER:

Arden Partners plc

125 Old Broad Street, London, EC2N 1AR

NAME AND ADDRESS OF BROKER:

Arden Partners plc

125 Old Broad Street, London, EC2N 1AR

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

A copy of the admission document containing full details about the applicant and the admission of its securities is available on the Company's website, www.assetco.com

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

The Company has adopted the Quoted Companies Alliance, Corporate Governance Code, published by the Quoted Companies Alliance

DATE OF NOTIFICATION:

31 March 2021

NEW/ UPDATE:

New

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RNS metadata

Title: Schedule One - AssetCo Plc
Time: 11:30:06
Date: 31 Mar 2021
Category: Capital structure
ID: 1329U