TIDMRDGC

RNS Number : 7821M

Ridgecrest PLC

25 January 2021

25 January 2021

Ridgecrest plc

("Ridgecrest" or the "Company")

Statement re share price movement

Ridgecrest, an AIM Rule 15 cash shell, notes the recent price movement of its shares.

The Company announced on 5 January 2021 the completion of the disposal of its operating businesses to Sanderson Group (the "Disposal") and accordingly the change of the Company's status to an AIM Rule 15 cash shell. On 20 January 2021, the Company announced a placing, subject to shareholder approval, to raise GBP2.0 million (before expenses). The Company will shortly send a circular to shareholders convening its annual general meeting at which approval of the placing will be sought.

Upon finalisation of the completion accounts in relation to the Disposal of the Company's recruitment operating businesses, the Company currently expects to have net cash of approximately GBP200,000, as detailed in the announcement of the placing on 20 January 2021. The placing, once completed, will provide the Company with net proceeds of GBP1.8 million.

As an AIM Rule 15 cash shell the Company is required to make an acquisition or acquisitions constituting a reverse takeover under AIM Rule 14 on or before the date falling six months from Completion or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least GBP6 million) failing which, the Company's ordinary shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading of the Company's ordinary shares on AIM would be cancelled six months from the date of any suspension should the suspension not have been lifted beforehand.

The Company has received several approaches from potential reverse takeover candidates but is not yet in detailed discussions with any of these parties. The Company's directors intend to engage with these potential reverse takeover candidates in the coming months. At present, there can be no guarantee that the Company will be able to successfully identify a reverse takeover candidate or that a reverse takeover will be completed.

Pursuant to AIM Rule 14, the negotiations in respect of a reverse takeover should be kept confidential until such time as a company can announce that a binding agreement has been entered into, which should, as far as is possible, be accompanied by the publication of the requisite admission document.

Further announcements will be made as appropriate.

Enquiries:

 
 Ridgecrest plc                                    www.ridgecrestplc.com 
 Robert Thesiger, Chairman                         07714 502807 
 Allenby Capital Limited (Nominated Adviser 
  and Joint Broker)                                020 3328 5656 
 Nick Naylor / Liz Kirchner (Corporate Finance) 
  Guy McDougal (Sales and Corporate Broking) 
 Peterhouse Capital Limited (Joint Broker)         020 7469 0930 
 Lucy Williams / Duncan Vasey 
 

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END

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January 25, 2021 06:38 ET (11:38 GMT)

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