AIM Schedule 1 - Work Group plc (1233L)
July 14 2017 - 5:25AM
UK Regulatory
TIDMWORK
RNS Number : 1233L
AIM
14 July 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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Work Group plc ("Work" or the "Company") to be renamed Gordon
Dadds Group plc at Admission
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
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Work Group plc
Suite 2.01
17 Hanover Square
London W1S 1BN
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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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Before Admission:
www.workgroupplc.com
At Admission:
www.gordondaddsgroup.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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Work proposes to acquire the entire issued share capital of
Gordon Dadds Group Limited ("GDG"). GDG is an acquisitive law
firm and a group of other complimentary businesses, including
Prolegal, an acquisition vehicle model focused on smaller law
firms.
GDG operates as a full service law firm whose main areas of
business are dispute resolution, corporate, real estate, employment,
tax, family & private clients and regulatory solutions.
The majority of the growth of one law firm to date has arisen
from acquisitions including those of Harris Cartier, Davenport
Lyons, Jeffrey Green Russell Limited and Platt & Associates.
GDG's main country of operation is the United Kingdom.
The acquisition constitutes a reverse takeover under Rule 14
of the AIM Rules, and Work will seek the admission of all of
its issued and to be issued share capital to AIM on completion
of this acquisition following shareholder approval. At the
same the Company is conducting a share capital reorganisation
including a 32:1 share consolidation and share split.
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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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28,597,010 ordinary shares* of 1 pence each ("Ordinary Shares")
post Capital Reorganisation at a price of 140p per Ordinary
Share.
*Assuming that 100% acceptances of the Offer are received prior
to Admission.
No shares held in treasury.
No restrictions as to transfer of the securities.
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED
MARKET CAPITALISATION ON ADMISSION:
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Capital raised: GBP20 million
Anticipated market capitalisation on Admission: GBP40 million
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
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41%
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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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N/a
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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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Current Directors:
Simon John Howard (Chairman), Simon will remain on the board
as a non-executive director post Admission.
Keith Gordon Cameron (Non-Executive Director, to step down
prior to Admission)
Proposed Directors:
Anthony "Tony" John Edwards (Non-Executive Chairman)
Adrian John Biles (Chief Executive Officer)
Christopher John Yates (Finance Director)
David Anthony Furst (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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At the date of this Upon Admission
announcement
------------------------ ----------------------- -------------------------------
Name Number of Percentage Number of Percentage
Existing of Share New Ordinary of Enlarged
Ordinary Capital Shares Share Capital
Shares
------------------------ ---------- ----------- -------------- ---------------
Jon Moulton 5,319,883 18.6 166,246 0.6
------------------------ ---------- ----------- -------------- ---------------
Simon Howard 4,605,841 16.1 143,932 0.5
------------------------ ---------- ----------- -------------- ---------------
Louvre Trust
(Guernsey) Limited 3,594,808 12.6 112,337 0.4
------------------------ ---------- ----------- -------------- ---------------
Michael Warren 1,885,200 6.6 58,912 0.2
------------------------ ---------- ----------- -------------- ---------------
Octopus Investments 1,408,864 4.9 44,027 0.2
------------------------ ---------- ----------- -------------- ---------------
Hansa Capital
Partners 1,400,000 4.9 43,750 0.2
------------------------ ---------- ----------- -------------- ---------------
Rose Colledge 1,161,521 4.1 36,297 0.1
------------------------ ---------- ----------- -------------- ---------------
Steve Halford 1,098,000 3.8 34,312 0.1
------------------------ ---------- ----------- -------------- ---------------
Adrian Biles - - 7,610,664 26.6
------------------------ ---------- ----------- -------------- ---------------
Legal & General
Investment Management - - 2,671,429 9.3
------------------------ ---------- ----------- -------------- ---------------
Hargreave Hale - - 2,660,714 9.3
------------------------ ---------- ----------- -------------- ---------------
Ruffer LLP - - 2,142,857 7.5
------------------------ ---------- ----------- -------------- ---------------
Janus Henderson - - 1,428,571 5.0
------------------------ ---------- ----------- -------------- ---------------
JP Morgan - - 1,287,143 4.5
------------------------ ---------- ----------- -------------- ---------------
John Biles - - 982,415 3.4
------------------------ ---------- ----------- -------------- ---------------
Robert Biles - - 933,239 3.3
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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 March
(ii) 31 December 2016 for Work and 31 March 2017 for GDG
(iii) 30 September 2017 (6 months unaudited half yearly report
to 30 June 2017); 31 December 2017 (6 month unaudited half
yearly report to 30 September 2017); 30 September 2018 (12
month audited annual reports to 31 March 2018).
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EXPECTED ADMISSION DATE:
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4 August 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Arden Partners plc
125 Old Broad Street
London
EC2N 1AR
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NAME AND ADDRESS OF BROKER:
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Arden Partners plc
125 Old Broad Street
London
EC2N 1AR
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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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Gordon Dadds LLP
6-11 Agar Street
London
WC2N 4HN
www.gordondaddsgroup.com
www.workgroupplc.com
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DATE OF NOTIFICATION:
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14 July 2017
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NEW/ UPDATE:
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NEW
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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