TIDMASTO

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 
  GBP52.3 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     Percentage 
                                         Ordinary Name       of Existing 
                                            Shares          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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March 31, 2021 06:30 ET (10:30 GMT)

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