Ridgecrest PLC Stmnt re Share Price Movement (7821M)
January 25 2021 - 05:38AM
UK Regulatory
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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