AIM Schedule 1 Update - City of London Group plc (7260S)
October 04 2017 - 9:35AM
UK Regulatory
TIDMCIN
RNS Number : 7260S
AIM
04 October 2017
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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City of London Group plc
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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City of London Group plc
6th Floor
60 Gracechurch Street
London EC3V 0HR
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COUNTRY OF INCORPORATION:
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England and Wales
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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http://www.cityoflondongroup.com/
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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:
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Admission is being sought as a result of a reverse
take-over under Rule 14.
The Company is currently an investing company
focusing on providing finance to the SME and
professional services sectors. It does this
by financing trade and securing specialist funding
throughout the supply chain to help fuel growth
in these sectors. COLG's main country of operation
is the United Kingdom.
The Company has conditionally agreed the acquisition
of Milton Homes, which would constitute a reverse
takeover under Rule 14 of the AIM Rules. The
Company proposes to change its status from an
investing company (for the purposes of the AIM
Rules) to a trading company following completion
of the acquisition and admission.
Milton Homes Limited is an equity release provider
which has a UK residential property portfolio
of 586 properties with a market value of approximately
GBP77 million as at 30 June 2017. The Directors
plan to start acquiring additional homes for
equity release. The restart plan is expected
to take 12-18 months and will require updating
the business' systems and the rebuilding of
Milton Homes' marketing and distribution network.
The plan envisages investment of approximately
GBP15 million in the first year with a total
of GBP100 million over a five year period.
Going forward, the Company will also continue
to operate and grow the business of Credit Asset
Management Limited and Professions Funding Limited,
its lease and professions funding platform.
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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):
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28,731,512 ordinary shares of 2p each
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
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Capital to be raised on admission GBP7m
Market capitalisation of the issued and to be
issued ordinary share capital GBP25.9m.
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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89.6%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
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None
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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):
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Directors:
Lorraine Elizabeth Young - Independent Non-Executive
Director
Paul George Milner - Non-Executive Chairman
(to become Executive Director with effect from
Admission)
Andrew (Andy) John Crossley - Independent Non-Executive
Director
Proposed Directors:
Colin Barry Wagman - Non-Executive Chairman
Michael Howard Goldstein - Chief Executive Officer
Christopher (Chris) Robin Rumsey - Managing
Director
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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):
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Current interest Proposed interests Proposed interests
in the Company in the Enlarged in the Enlarged
Group following Group following
Open Offer Admission
-------------- ---------------------- ---------------------- ------------------------
Name No. % of Total % of Total % of
of the holding issued holding issued
Existing Existing of New Enlarged of New Further
Ordinary Ordinary Ordinary Ordinary Ordinary Enlarged
Shares Share Shares Share Shares Ordinary
Capital at Open Capital at Share
Offer Admission Capital
-------------- ---------- ---------- ---------- ---------- ------------ ----------
Max Barney
Investments
Limited
(and
related
parties) 8,363,892 22.70% 4,619,605 73.48% 11,064,051 38.51%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
Cain
Hoy 2,933,473 7.96% 146,673 2.33% 146,673 0.51%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
McCourt
Shoreditch
COLG
LLC 2,933,473 7.96% 146,673 2.33% 146,673 0.51%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
Helium
Special
Situations
Fund 5,779,428 15.68% 288,971 4.60% 288,971 1.01%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
Andrew
Crowe 1,905,143 5.17% 105,715 1.68% 105,715 0.37%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
Galliard
Holdings
Limited 1,466,737 3.98% 73,336 1.17% 73,336 0.26%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
The BL
& RB
Foundation 1,325,000 3.60% 66,250 1.05% 66,250 0.23%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
DV4 - - - - 14,666,667 51%
-------------- ---------- ---------- ---------- ---------- ------------ ----------
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
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BBG Real Estate Advisers LLP who are advising
the Company in respect of their leasehold property
arrangements for a fee of approximately GBP18,500
(plus VAT).
Michael Hughes - the release from his obligation
to repay a debt of GBP100,000 to the Company,
a significant proportion of which was set off
against a liability for bonus payments due to
Michael Hughes from Credit Asset Management
Limited, a subsidiary of the Company, as part
of the compensation arrangements for the termination
of his appointment as a director of that company.
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(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:
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i) 31(st) March
ii) 31(st) March 2017 with respect to the company;
31 December 2016 with respect to Milton Homes
Limited
iii) 31(st) December 2017 (half year report
to 30(th) September 2017)
iv) 30(th) September 2018 (full year report
to 31(st) March 2018)
v) 31(st) December 2018 (half year report to
30(th) September 2018)
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EXPECTED ADMISSION DATE:
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5 October 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Peel Hunt LLP
Moor House
120 London Wall
London
EC2Y 5ET
United Kingdom
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NAME AND ADDRESS OF BROKER:
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Peel Hunt LLP
Moor House
120 London Wall
London
EC2Y 5ET
United Kingdom
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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:
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The admission document will contain full details
about the applicant and the admission of its
securities and will be available here: http://www.cityoflondongroup.com
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DATE OF NOTIFICATION:
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4 October 2017
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NEW/ UPDATE:
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Update
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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