Gordon Dadds Group PLC Completion of Squeeze-out (2689S)
September 29 2017 - 6:22AM
UK Regulatory
TIDMGOR
RNS Number : 2689S
Gordon Dadds Group PLC
29 September 2017
29 September 2017
GORDON DADDS GROUP PLC (the "Company")
COMPLETION OF SQUEEZE-OUT PROCEDURE AND ALLOTMENT OF ORDINARY
SHARES
TOTAL VOTING RIGHTS
Further to the announcements on 17 and 18 August 2017 that the
Company has exercised the procedure under sections 974-991 of the
Companies Act 2006 ("the Act") to acquire, on a compulsory basis,
the balance of the Gordon Dadds Shares for which acceptances had
not been received pursuant to the Offer by the Final Closing Date
of 17 August 2017, the Company announces that it has completed such
compulsory acquisition procedure.
In accordance with the provisions of the Act, 66,254 ordinary
shares of 1p each in the capital of the Company ("Ordinary Shares")
will be issued to those Gordon Dadds Shareholders who have validly
accepted the Offer prior to the expiry of the compulsory
acquisition period and 63,220 Ordinary Shares will be allotted and
issued to Culver Holdings Limited (previously Gordon Dadds Group
Limited) to be held on trust for those Gordon Dadds Shareholders
who have not validly accepted the Offer prior to the expiry of the
compulsory acquisition period, until such time as they are
transferred to such persons.
It is expected that 129,474 Ordinary Shares will be admitted to
trading on AIM at 8.00 am on 5 October 2017 which Ordinary Shares
will, when issued, rank pari passu with all other Ordinary Shares
in issue.
On admission of the 129,474 Ordinary Shares to trading on AIM on
5 October 2017, the Company's issued share capital will comprise
28,597,310 Ordinary Shares in aggregate. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Unless otherwise stated, terms used in this announcement have
the same meanings as given to them in the Offer Document published
by the Company and dated 13 July 2017.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gordon Dadds Group plc Via Newgate
Adrian Biles, Chief
Executive Officer
Christopher Yates, Chief
Financial Officer
Arden Partners, Nominated
Adviser and broker to
the Company
John Llewellyn-Lloyd
Ciaran Walsh +44 (0) 20 7614 5900
Newgate Communications +44 (0) 20 7680 6550
Adam Lloyd Email: gordondadds@newgatecomms.com
Lydia Thompson
James Ash
Important notice
Arden Partners, which is authorised and regulated in the UK by
the FCA, is acting exclusively as nominated adviser and broker to
the Company in relation to the matters referred to in this
announcement ("Transactions") and no-one else and will not be
responsible to anyone other than the Company for providing the
protections offered to clients of Arden Partners nor for providing
advice in relation to the Transactions.
NOTES:
Gordon Dadds Group plc is an acquisitive legal and professional
services business headquartered in London with a significant back
office and technology platform based in Cardiff. It operates
through two distinct business channels, Gordon Dadds LLP and
Prolegal Solicitors Limited, to integrate law firms seeking to gain
scale in the UK.
Gordon Dadds:
Gordon Dadds LLP targets firms with annual fee income of
GBP10m+.
Prolegal:
Prolegal Solicitors Limited acquires and manages firms with
GBP2m - GBP10m annual fee income. These firms retain their identity
and culture and also benefit from the back-office technology
platform used by Gordon Dadds which allows Prolegal to target law
firms seeking an alternative solution to the regulatory and
investment requirements of the UK legal market.
The Gordon Dadds model offers a number of advantages to target
firms:
-- Partners are not required to borrow to fund capital
contributions and capital is built up over time out of profit
share;
-- Each partner receives as their profit share a percentage of
his or her personal billings, allowing partners to achieve a
significant uplift to what he or she might achieve in a traditional
partnership practice;
-- The Gordon Dadds model, with its clear division between
management and back office on the one hand, and client acquisition
and servicing on the other, allows partners to devote time to their
respective practice areas; and
-- Gordon Dadds Group plc's corporate structure enables partners
to acquire and retain an enduring investment in the business
through equity ownership.
Gordon Dadds LLP has been operating in this way since 2013,
successfully integrating firms into its cost efficient
platform.
Please visit www.gordondaddsgroup.com for more information.
Contents of this announcement
If you are in any doubt about the contents of this announcement
or the action you should take, you are recommended to seek your own
independent financial advice immediately from your stockbroker,
bank manager, solicitor, accountant or independent financial
adviser duly authorised under the Financial Services and Markets
Act 2000 (as amended) if you are resident in the United Kingdom,
or, if not, from another appropriately authorised independent
financial adviser.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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