TIDMASTO

RNS Number : 3732T

AssetCo PLC

22 July 2022

LEI: 213800LFMHKVNTZ7GV45

22 JULY 2022

ASSETCO PLC

("AssetCo" or the "Company")

POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING

PROPOSED SUB-DIVISION OF THE ISSUED SHARE CAPITAL AND CANCELLATION OF THE SHARE PREMIUM ACCOUNT

Consistent with the previously stated intention, the Company announces that it is today posting a circular to shareholders (the "Circular") in connection with a proposed sub-division of its Existing Ordinary Shares (with each Existing Ordinary Share being divided into ten New Ordinary Shares) and the cancellation of the amount currently standing to the credit of the Company's share premium account.

The closing middle market price of an Existing Ordinary Share on 21 July 2022 (being the latest practicable date prior to the publication of this announcement) was 770.0p. The Sub-Division is being proposed in response to Shareholder feedback on the liquidity and marketability of the Existing Ordinary Shares and aims to improve the marketability of the Company's shares to retail investors, noting the recent increase in the number of retail Shareholders on the Company's share register. The Board believes that the proposed Sub-Division will reduce the Company's share price to a level where smaller sized dealings would be more efficient, and that this may improve the liquidity and marketability of the New Ordinary Shares to a wider group of investors as well as reduce the bid/offer spread.

At the same time the opportunity is being taken to cancel the amount standing to the credit of the Company's share premium account. The Company intends to adopt a progressive dividend policy and has stated that it intends to pay a dividend of 13.0 pence per Existing Ordinary Share (which would equate to 1.3 pence per New Ordinary Share following the Sub-Division) in Q4 2022. Should the relevant Resolution be passed at the General Meeting, application will be made to the Court to confirm the cancellation of the share premium account and thereby create a special reserve that will be distributable and available to support the Company's progressive dividend policy.

The Circular contains a notice of a general meeting of the Company to be held at 11.00 am on 10 August 2022 at the offices of Gowling WLG (UK) LLP, 4 More London Riverside, London SE1 2AU at which resolutions necessary to implement the proposals described above will be proposed.

The Key Statistics and Expected Timetable of Principal Events are set out in the Appendix to this announcement.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Circular. A copy of the Circular will shortly be available for inspection on the Company's website at www.assetco.com/investor-relations/documents/ .

Enquiries:

 
AssetCo plc                     +44 (0) 79 5800 5141 
Campbell Fleming 
 Peter McKellar 
 James Thorneley 
 
Numis -Nominated Adviser and 
 Joint Broker to AssetCo 
 Giles Rolls 
 Charles Farquhar               +44 (0) 20 7260 1000 
 
Panmure Gordon - Joint Broker 
 to AssetCo 
 Charles Leigh-Pemberton 
 Atholl Tweedie 
 Gabriel Hamlyn                 +44 (0) 20 7886 2906 
 
Maitland/AMO - PR Adviser to 
 AssetCo 
 Neil Bennett 
 Rachel Cohen                   +44 (0) 20 7379 5151 
 

APPENDIX

KEY STATISTICS

 
 Number of Existing Ordinary Shares in issue              14,918,229 
 ISIN code for the Existing Ordinary Shares             GB00B42VYZ16 
 SEDOL code for the Existing Ordinary Shares                 B42VYZ1 
 Number of New Ordinary Shares in issue 
  following the Sub-Division                             149,182,290 
 ISIN code for the New Ordinary Shares                  GB00BQ2K3557 
 SEDOL code for the New Ordinary Shares                      BQ2K355 
 TIDM                                                           ASTO 
 LEI                                            213800LFMHKVNTZ7GV45 
 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
                                                                        2022 
 Date of publication of Circular                                     22 July 
 Latest time and date for receipt of Forms            11.00 a.m. on 8 August 
  of Proxy 
 General Meeting                                            11.00 a.m. on 10 
                                                                      August 
 Record date for the Sub-Division and disablement     6.00 p.m. on 10 August 
  in CREST of the Existing Ordinary Shares 
 Admission of the New Ordinary Shares to              8.00 a.m. on 11 August 
  trading on AIM expected to commence 
 Expected date of crediting CREST accounts                  At or soon after 
  with New Ordinary Shares                            8.00 a.m. on 11 August 
 Expected date by which certificates in                         By 25 August 
  respect of New Ordinary Shares in certificated 
  form to be dispatched 
 All references to times and dates in this announcement are 
  to London time. Each of the times and dates in this announcement 
  is subject to change. If any of the above times and/or dates 
  change, the revised time and/or date will be notified to Shareholders 
  through a regulatory information service. 
 

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END

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