itim Group PLC Admission to AIM and First Day of Dealings (2293D)
June 28 2021 - 1:00AM
UK Regulatory
TIDMITIM
RNS Number : 2293D
itim Group PLC
28 June 2021
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ANNOUNCEMENT
itim Group plc
("itim", or "the Company", and together with its subsidiaries
"the Group")
ADMISSION TO AIM AND FIRST DAY OF DEALINGS
itim Group plc, a SaaS based technology company that enables
store-based retailers to optimise their businesses to improve
financial performance and effectively compete with online
competitors, is pleased to announce that admission of its entire
issued and to be issued share capital to trading on the AIM market
of the London Stock Exchange. Admission will take place and
dealings will commence at 8.00 a.m. today under the ticker ITIM and
the ISIN GB00BMD2H500.
The Company has successfully raised GBP8 million (before
expenses) by way of a placing of 5,194,806 new Ordinary Shares with
institutional and other investors at a price of 154 pence per
Ordinary Share (the "Placing Price"). Itim's market capitalisation
at the Placing Price on admission will be GBP48.1 million. WH
Ireland Limited is acting as Sole Broker and Nominated Adviser in
relation to the Admission.
The net proceeds will principally be used to continue the
development and refinement of the Company's software; to invest in
marketing; to increase the international reach of the Company
through investment in new territories; to repay GBP2.1 million
linked to the acquisition of EDI Plus Limited; and to advance
potential acquisition opportunities.
The Company's Admission Document is available to view on the
Company's website at www.itim.com
Ali Athar, Chief Executive of itim Group, said:
"Today marks an exciting new chapter for itim. Our successful
IPO and admission to AIM represents a significant moment for the
Company. We have enjoyed strong growth and a clear strategy to
execute this growth over the coming years as traditional retailers
convert to omni-channel. I am pleased to welcome our new
shareholders to itim and look forward to the future with
confidence."
Enquiries
itim Group Limited (to be renamed itim Group plc)
Ali Athar, Chief Executive via Hudson Sandler
WH Ireland Limited (Nominated Adviser and Sole Broker)
Harry Ansell/Fraser Marshall (Broking) 020 7220 1666
Katy Mitchell (Corporate Finance)
Jessica Cave
Darshan Patel
Hudson Sandler (Public Relations)
Dan de Belder/Alex Brennan 020 7796 4133
itim@hudsonsandler.com
Notes to editors
Background to the Company
itim was established in 1993 by its founder, and current Chief
Executive Officer, Ali Athar. itim was initially formed as a
consulting business, helping retailers effect operational
improvement. From 1999 the Company began to expand into the
provision of proprietary software solutions and by 2004 the Company
was focused exclusively on digital technology. itim has grown
through a series of acquisitions of small, legacy retail software
systems and associated applications which itim has redeveloped to
create the holistic end-to-end solution for retailers that supports
omni-channel retailing through the internet.
Forward looking statements
All statements other than statements of historical fact,
contained in this announcement constitute "forward looking
statements". In some cases forward looking statements can be
identified by terms such as "may", "intend", "might", "will",
"should", "could", "would", "believe", "forecast", "anticipate",
"expect", "estimate", "predict", "project", "potential", or the
negative of these terms, and similar expressions. Such forward
looking statements are based on assumptions and estimates and
involve risks, uncertainties and other factors which may cause the
actual results, financial condition, performance or achievements of
the Company, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward looking statements. Except as required by
the AIM Rules for Companies, the Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement to reflect any change in the Group's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based. New factors may emerge from
time to time that could cause the Company's business not to develop
as it expects, and it is not possible for the Company to predict
all such factors. Given these uncertainties, prospective investors
are cautioned not to place any undue reliance on such
forward-looking statements except as required by law.
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