AIM Schedule 1 - Harvey Nash Group Plc (6097J)
June 29 2017 - 8:00AM
UK Regulatory
TIDMHVN
RNS Number : 6097J
AIM
29 June 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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Harvey Nash Group PLC
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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110 Bishopsgate, London EC2N 4AY
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COUNTRY OF INCORPORATION:
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England & Wales
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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www.harveynash.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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The principal activities of Harvey Nash Group
PLC ("Harvey Nash" or the "Company") are the
provision of professional recruitment and offshore
solutions. Headquartered in the UK with 40 offices
globally covering the USA, Europe and Asia,
the Company's core services comprise Leadership
Services, Professional Recruitment and Offshore
Services.
Leadership Services
Executive Search: Assists companies to attract,
recruit and retain board members, top executives
and senior management through high-level executive
search.
Interim Management: Provides clients with executives
and leadership for short-term assignments across
a broad range of geographies, sectors and functions.
Leadership Consulting: Leadership consulting
businesses support owners, boards and executive
management with a range of strategic leadership
services, including board evaluations, management
development, audits, assessments and strategic
HR consulting.
Professional Recruitment
Technology Recruitment: Provides organisations
across more than 30 countries with skilled technology
specialists as well as finance, HR and engineering
professionals, on a flexible or permanent basis.
Recruitment Solutions: Provides tailored services
that help companies recruit and manage their
workforce more effectively, from payroll services
to recruitment process outsourcing.
Offshore Services
Projects and Software Services: Provides application
development, third party software maintenance
and outsourced software services to clients
across the world.
Managed Services/Business Process Outsourcing:
Management of critical technology infrastructure
functions, such as data centre operations, help
desk services network administration, and business
process outsourcing operations such as payroll
and other back-office transactions.
The main country of operation of the Company
and its subsidiaries (the "Group") is the UK.
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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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73,450,393 ordinary shares of 5 pence each.
No shares are held in treasury.
The ordinary shares are freely transferable
and have no restrictions as to transfer placed
on them.
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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: n/a.
Anticipated market capitalisation on admission:
GBP57.8 million.
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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41.03%
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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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Julia (Julie) Margaret Baddeley (Non-Executive
Chair)
Albert George Hector Ellis (Chief Executive)
Mark Jonathan Garratt (Group Finance Director)
Simon Mark Wassall (European Managing Director)
Ian Robert Davies (Non-Executive Director)
David Charles Bezem (Non-Executive Director)
Kevin Richard Thomas (Non-Executive 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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Shareholders before and after admission:
Name of significant shareholder
DBAY Advisors 26.10
Miton Asset Management 10.86
Hargreave Hale 7.50
Chelverton Asset Management 5.72
Herald Investment Management 4.97
Barclays Wealth 4.07
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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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None
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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 January
(ii) n/a - existing issuer moving from official
list
(iii) 31 October 2017 (half yearly report for
the six month period to 31 July 2017)
31 July 2018 (annual accounts for the full
year to 31 January 2018)
31 October 2018 (half yearly report for the
six month period to 31 July 2018)
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EXPECTED ADMISSION DATE:
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28 July 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Panmure Gordon (UK) Limited
One New Change
London
EC4M 9AF
United Kingdom
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NAME AND ADDRESS OF BROKER:
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Panmure Gordon (UK) Limited
One New Change
London
EC4M 9AF
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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n/a - quoted applicant
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DATE OF NOTIFICATION:
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29 June 2017
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NEW/ UPDATE:
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NEW
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QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING:
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THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH
THE APPLICANT'S SECURITIES HAVE BEEN TRADED:
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Premium segment of the UKLA Official List /
Main Market of the London Stock Exchange
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THE DATE FROM WHICH THE APPLICANT'S SECURITIES
HAVE BEEN SO TRADED:
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3 April 1997
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CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL
ENQUIRY, THE APPLICANT HAS ADHERED TO ANY LEGAL
AND REGULATORY REQUIREMENTS INVOLVED IN HAVING
ITS SECURITIES TRADED UPON SUCH A MARKET OR
DETAILS OF WHERE THERE HAS BEEN ANY BREACH:
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The Company has adhered to the legal and regulatory
requirements of the Official List / Main Market.
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AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS
OR ANNOUNCEMENTS WHICH THE APPLICANT HAS MADE
PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE
OF HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE:
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www.harveynash.com
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DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING
ADMISSION INCLUDING, IN THE CASE OF AN INVESTING
COMPANY, DETAILS OF ITS INVESTING STRATEGY:
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The five key elements of the Company's growth
strategy are to:
* leverage the Group's strengths in technology and
digital staffing to win market share;
* strengthen each business through diversification by
rolling out the portfolio of services, increasing
critical mass and protecting against cyclicality;
* acquire earnings-enhancing businesses in core markets
which reinforce market leadership and deliver
synergies following integration with the Group
platform;
* maintain a strong balance sheet and progressive cash
returns to shareholders; and
* attract and retain the very best talent, fundamental
to the achievement of long-term sustainable growth.
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A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL
OR TRADING POSITION OF THE APPLICANT, WHICH
HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL
PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN
PUBLISHED:
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Save for the measures that have already been
taken which will result in a cost saving of
circa GBP1.0 million in the current year, as
set out in the AGM trading update announced
on 29 June 2017, there has been no significant
change in the financial or trading position
of Harvey Nash since 31 January 2017, being
the end of the last financial period for which
audited financial statements have been published.
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A STATEMENT THAT THE DIRECTORS OF THE APPLICANT
HAVE NO REASON TO BELIEVE THAT THE WORKING CAPITAL
AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT
FOR AT LEAST TWELVE MONTHS FROM THE DATE OF
ITS ADMISSION:
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The Directors of Harvey Nash have no reason
to believe that the working capital available
to the Company or its Group will be insufficient
for at least 12 months from the date of its
admission.
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DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT
TO RULE 7 OF THE AIM RULES:
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None
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A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR
SETTLING THE APPLICANT'S SECURITIES:
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Settlement will be through the CREST system
for dealings in ordinary shares held in uncertificated
form. Shares can also be dealt in certificated
form.
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A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING
TO THE APPLICANT'S SECURITIES:
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www.harveynash.com/group/investors
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INFORMATION EQUIVALENT TO THAT REQUIRED FOR
AN ADMISSION DOCUMENT WHICH IS NOT CURRENTLY
PUBLIC:
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See Appendix to this Schedule One announcement,
available at www.harveynash.com/group/investors
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A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S
LATEST ANNUAL REPORT AND ACCOUNTS WHICH MUST
HAVE A FINANCIAL YEAR END NOT MORE THEN NINE
MONTHS PRIOR TO ADMISSION AND INTERIM RESULTS
WHERE APPLICABLE. THE ACCOUNTS MUST BE PREPARED
IN ACCORDANCE WITH ACCOUNTING STANDARDS PERMISSIBLE
UNDER AIM RULE 19:
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www.harveynash.com/group/investors
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THE NUMBER OF EACH CLASS OF SECURITIES HELD
IN TREASURY:
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None
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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