TIDMADVT

RNS Number : 8090H

Advancedadvt Limited

01 August 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

1 August 2023

AdvancedAdvT Limited

Completion of Acquisitions

AdvancedAdvT Limited (LSE: ADVT, the "Company") has completed the acquisition of the entire issued and outstanding share capital of five software businesses (the "Acquisitions") from Capita plc.

On 8 June 2023, the Company announced it had entered into an agreement to pay a combined enterprise value of approximately GBP33 million in cash for the Acquisitions, funded by the Company's cash reserves.

In the year ended 31 December 2022, the Acquisitions generated a total revenue of approximately GBP35 million, with approximately 74% of the revenue being recurring or from Software-as-a-Service (SaaS).

The Acquisitions were conditional upon National Security and Investment Act approval, which has been received.

Share suspension

The Acquisitions constitute a reverse takeover under the Listing Rules and accordingly the Company will need to apply for re-admission of its shares to the Official List. Until such time as the Company is able to provide full disclosure under Listing Rule 5.6.15, the Company's shares will remain suspended on the standard segment of the Official List and trading from the London Stock Exchange.

The Company is considering making an application for admission of the Company's shares to trading on AIM, which would necessitate the publication of an admission document and compliance with customary regulatory requirements .

Further announcements and updates will be made in due course.

Enquiries:

 
 AdvancedAdvT Limited 
 Vin Murria                         c/o Meare Consulting 
 
 Meare Consulting 
 Adrian Duffield                       Tel: 07990 858548 
 
 Singer Capital Markets (Broker)      Tel: 020 7496 3000 
 Phil Davies 
 George Tzimas 
 Asha Chotai 
 Sam Butcher 
 
 KK Advisory (Investor Relations)     Tel: 020 7039 1901 
 Kam Bansil

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 recognised 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.

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August 01, 2023 02:00 ET (06:00 GMT)

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