TIDMLAKE
RNS Number : 6787Y
Lakehouse plc
07 March 2017
Tuesday 7 March 2017
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR
INTO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION IS PROHIBITED
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Lakehouse plc ("Lakehouse" or the "Company")
Proposed Delisting from Official List and Admission to AIM
Publication of Shareholder Circular and Notice of Annual General
Meeting
Appointment of Stockdale Securities
Highlights:
-- Proposed delisting from Official List
-- Move to AIM
-- Appointment of Stockdale Securities as sole broker (and proposed nominated adviser)
Proposed Delisting from Official List
The Board of Lakehouse is proposing to cancel the listing of the
Company's ordinary shares of 10p each ("Ordinary Shares") from the
premium segment of the Official List of the UK Listing Authority
and from trading on the Main Market of London Stock Exchange plc
("LSE") (the "Delisting" or the "Cancellation") and to apply for
admission for the Ordinary Shares to trading on AIM (the
"Admission"). The Company has 157,527,103 Ordinary Shares in issue
as at the date of this announcement. The ISIN is GB00BSKS1M86. The
TIDM is LAKE.
Move to AIM
The Company is an asset and energy support services group which
offers services within the Compliance, Energy, Property Services
and Construction sectors with a focus on the UK public sector and
regulated markets.
The Company has considered the structure of its businesses and
operations with a view to identifying the most effective strategy
to enable the Group to continue to deliver a quality service to its
customers, whilst building a platform for more consistent
performance and sustainable growth. This review has included
consideration of the most appropriate trading platform for the
Ordinary Shares on an ongoing basis.
Given the Company's size and strategy, the Board of the Company
believes that there will be significant benefits from the proposed
move to AIM, which will enable the Company to more effectively
deliver value to all of its stakeholders, including
Shareholders.
Notice of Annual General Meeting
Under the Listing Rules, the Delisting requires the Company to
obtain the prior approval of not less than 75 per cent. of all
Shareholders voting in person or by proxy at a general meeting.
Accordingly, a circular (the "Circular") is expected to be posted
to all shareholders today, 7 March 2017, incorporating a notice of
the annual general meeting of the Company (the "Annual General
Meeting" or "AGM") to be held at the offices of Eversheds
Sutherland (International) LLP at 10.00 a.m. on 31 March 2017,
which will include, amongst others, a resolution seeking
Shareholder approval for the Cancellation and Admission. Subject to
obtaining the requisite Shareholder approval at the AGM, it is
expected that the Cancellation and Admission will occur at the same
time on or around 2 May 2017.
Appointment of Stockdale Securities
Lakehouse has appointed Stockdale Securities as its sole broker
with immediate effect. Stockdale Securities will also act as the
Company's nominated adviser with effect from Admission.
Extracts from the letter from the Chairman contained within the
Circular and the expected timetable of principal events are
reproduced below. The Circular will be made available on the
Company's website at
www.lakehouse.co.uk and shortly will be submitted to the
National Storage Mechanism where it will be available at
www.morningstar.co.uk/uk/nsm.
Enquiries:
Lakehouse plc Telephone: 01708 758800
Bob Holt, Chairman (07778
798816)
Michael McMahon, Chief
Operating Officer
Jeremy Simpson, Chief
Financial Officer
Stockdale Securities Limited Telephone: 020 7601 6100
Andy Crossley
Antonio Bossi
Camarco Telephone: 0203 757 4992
Ginny Pulbrook
Tom Huddart
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Event Date
Publication of the Circular 7 March 2017
Latest time and date for receipt 10.00 a.m. on 29
of completed Forms of Proxy March 2017
Annual General Meeting 10.00 a.m. on 31
March 2017
Publication of Schedule One 31 March 2017
announcement
Last day of dealings in the 28 April 2017
Ordinary Shares on the Main
Market
Cancellation of listing of the 8.00 a.m. on 2
Ordinary Shares on the Official May 2017
List
Admission and commencement of 8.00 a.m. on 2
dealings in the Ordinary Shares May 2017
on AIM
Notes:
1. Each of the times and dates above are indicative only and
subject to change without consultation. If any of the above times
and/or dates change, the revised times and/or dates will be
notified by announcement on a Regulatory Information Service.
2. References in this announcement to time are to London time, unless specified otherwise.
3. The ISIN for the Ordinary Shares will remain GB00BSKS1M86.
4. References to the Move to AIM are conditional on, inter alia,
the passing of the Cancellation and Admission Resolution at the
Annual General Meeting.
Extracts from the letter from Chairman of Lakehouse to be
included in the Circular expected to be posted to Shareholders
today.
1. Reasons for the proposed Cancellation and Admission
The Company has reviewed the structure of its businesses and
operations with a view to identifying the most effective strategy
to enable the Group to continue to deliver a quality service to its
customers, whilst building a platform for more consistent
performance and sustainable growth. This review has also involved
consideration of the most appropriate trading platform for the
Company's Ordinary Shares on an ongoing basis. The Board has
considered carefully the proposed Move to AIM and believes that it
is in the best interests of the Company and its Shareholders as a
whole for the following reasons:
-- AIM is a market that is more appropriate for a company of
Lakehouse's current size and is a market which should enable the
Company to attract new investors, providing a platform to promote
the Company and trading in its shares;
-- in delivering its strategy, the Board will continue to
evaluate the Group's portfolio of services to ensure they remain
focussed on markets where Lakehouse can operate effectively. AIM
offers Lakehouse greater flexibility and certainty with regard to
taking strategic actions, including potential future corporate
transactions, which the Company may be able to agree and execute
more quickly and cost effectively than a company on the Official
List; and
-- once on AIM, the Company would have the ability to raise
equity finance from institutional investors without the need to
produce a prospectus as there is no requirement for AIM companies
to publish a prospectus or an admission document in relation to a
further issuance of AIM-quoted securities provided that the
issuance is an exempt offer to the public and those securities will
not otherwise be admitted to trading on a regulated market in the
European Economic Area. This will enable the Company to raise
equity finance, should it need or wish to do so in the future, more
efficiently, cost-effectively and on shorter timescales.
Given the Company's size and strategy, the Board believes that
these significant benefits of the proposed Move to AIM will enable
it to more effectively deliver value to all of its stakeholders,
including Shareholders.
2. Implications of the Move to AIM
AIM is the UK's leading stock market for smaller companies.
Since AIM was established in 1995, more than 3,600 companies have
been admitted to AIM and over GBP98 billion has been raised
collectively. Liquidity on AIM is in part provided by market
makers, who are member firms of the London Stock Exchange and are
obliged to quote a share price for each company for which they make
a market between 8.00 a.m. and 4.30 p.m. on Business Days.
Admission to trading on AIM will not affect the way in which
Shareholders buy or sell the Company's shares. Ordinary Shares that
are held in uncertificated form will continue to be held and dealt
through CREST. Share certificates representing those Ordinary
Shares held in certificated form will continue to be valid and no
new share certificates will be issued.
Following Admission, the Company will be subject to the AIM
Rules for Companies. Shareholders should note that AIM is
self-regulated and that the protections afforded to investors in
AIM companies are less rigorous than those afforded to investors in
companies listed on the premium segment of the Official List. Under
the AIM Rules, a Nominated Adviser and broker is required to be
engaged by the Company at all times and a Nominated Adviser has
ongoing responsibilities to both the Company and to the London
Stock Exchange. Conditional on Admission, the Company intends to
appoint Stockdale as its Nominated Adviser and corporate
broker.
Whilst, for the most part, the obligations of a company whose
shares are traded on AIM are similar to those of companies whose
shares are listed on the premium segment of the Official List,
there are certain exceptions, including those referred to
below:
(a) Under the Listing Rules, a company is required to appoint a
'sponsor' for the purposes of certain corporate transactions, such
as when undertaking a large corporate transaction or capital
raising. The responsibilities of the sponsor include providing
assurance to the FCA, when required, that the responsibilities of
the listed company have been complied with. Corporate transactions
for companies whose shares are listed on the premium segment of the
Official List often require shareholder approval and the engagement
of a sponsor to oversee the process and liaise with the UKLA. In
particular, on a proposed acquisition, disposal or similar
transaction, where the size of the target represents 25 per cent.
or more of the listed company on the basis of certain comparative
tests (for example, consideration for the acquisition as a
percentage of market capitalisation of the listed company) a
circular to shareholders is required explaining the transaction and
seeking the approval of shareholders. For the Company, particularly
given its current size and market capitalisation, such transactions
may result in significant additional complexity and greater
transaction costs to meet the requirements of the Listing Rules
and, therefore, prove prohibitive.
(b) Under the AIM Rules for Companies, prior shareholder
approval is required only for transactions with a much larger size
threshold than applies to companies whose shares are listed on the
premium segment of the Official List. These larger transactions
include, for example, reverse takeovers (being an acquisition or
acquisitions in a 12 month period which either exceed 100 per cent.
in various size tests or which result in a fundamental change in
the Company's business, board or voting control) or a disposal
which, when aggregated with any other disposals over the previous
12 months, results in a fundamental change of business (being
disposals that exceed 75 per cent. in various size tests). Under
the Listing Rules, a broader range of transactions require prior
shareholder approval, including material related party
transactions.
(c) The AIM Rules for Companies contain less stringent
obligations with regard to a company's purchase of its own
securities compared with the Listing Rules.
(d) There is no requirement under the AIM Rules for Companies
for a prospectus or an admission document to be published for
further issuances of securities to institutional investors, except
when seeking admission for a new class of securities or as
otherwise required by law (see paragraph 1 above).
(e) Unlike the Listing Rules, the AIM Rules for Companies do not
specify any required structures or discount limits in relation to
further issuances of securities.
(f) Certain securities laws will no longer apply to the Company
if Admission occurs, for example, the Disclosure Guidance and
Transparency Rules (save that DTR Chapter 5 in respect of
significant shareholder notifications and the EU Market Abuse
Regulation (EU No 596/2014) (relating to, inter alia, market abuse
and insider dealing) will continue to apply to the Company). This
is because AIM is not a regulated market for the purposes of the
European Union's directives relating to securities.
(g) The Company is currently required to comply with the UK
Corporate Governance Code, or to explain any area of
non-compliance. AIM companies are not required to comply with this
code. If Admission occurs, the Board proposes to comply with the
Corporate Governance Code for Small and Mid-Size Quoted Companies
published by the Quoted Companies Alliance.
(h) Institutional investor guidelines (such as those issued by
the Investment Association, the Pensions and Lifetime Savings
Association and the Pre-Emption Group), which give guidance on
issues such as executive compensation and share-based remuneration,
corporate governance, share capital management and the allotment
and issue of shares on a pre-emptive or non pre-emptive basis, do
not apply to companies whose shares are admitted to trading on
AIM.
(i) The requirement under section 439A of the 2006 Act to submit
a remuneration report for a binding vote by shareholders is only
applicable to quoted companies listed on the Main Market. A company
whose shares are traded on AIM is not subject to the same
obligation to submit its remuneration policy to a binding vote of
shareholders.
(j) There is no specified requirement for a minimum number of
shares in an AIM company to be held in public hands, whereas a
company listed on the Official List has to maintain a minimum of 25
per cent. of its issued ordinary share capital in public hands.
(k) Companies whose shares trade on AIM are deemed to be
unlisted for the purposes of certain areas of UK taxation.
Following the Move to AIM, individuals who hold Ordinary Shares
may, in certain circumstances, therefore be eligible for certain
tax benefits. Shareholders and prospective investors should consult
their own professional advisers on whether an investment in an AIM
security is suitable for them, or whether a tax benefit referred to
above may be available to them.
The Board will maintain standards of reporting and governance
consistent with the requirements of AIM-quoted entities. The
Company does not currently envisage making any changes to its Board
composition or to the constitution and membership of its Audit,
Nomination and Remuneration Committees as a consequence of the Move
to AIM.
It is emphasised that the Move to AIM will have no impact on the
existing assets and liabilities of the Company and it will continue
to have the same businesses and operations following Admission,
subject to the ongoing review of its businesses and operations
referred to above. In addition, as a public limited company
incorporated and registered in England and Wales, after Admission,
the Company will remain subject to the applicable provisions of the
2006 Act, FSMA, the Prospectus Rules and the City Code on Takeovers
and Mergers.
3. Risk factors associated with admission to trading on AIM
Although the Company intends to apply for the Ordinary Shares to
be admitted to trading on AIM with effect from the Cancellation,
there can be no assurance that an active or liquid trading market
for the Ordinary Shares will develop or, if developed, that it will
be maintained following Admission. AIM is a market designed
primarily for emerging and smaller companies, to which a higher
investment risk tends to be attached than for larger companies, and
may not provide the liquidity normally associated with the Main
Market or on some other stock exchanges. Although it is possible
that, as a consequence of the Ordinary Shares not being admitted to
the Official List following the Cancellation, the Ordinary Shares
may be more difficult to sell compared to the shares of companies
listed on the Official List, the Board does anticipate that the
Company may attract a higher profile and exposure on AIM than it
currently enjoys on the Official List, which could in turn improve
liquidity.
In addition, as a consequence of the Ordinary Shares not being
admitted to the Official List, the market price of the Ordinary
Shares may be subject to greater fluctuations than might otherwise
be the case as a consequence of a large number of factors, some of
which are specific to the Company and its operations and some of
which may affect quoted companies generally. Liquidity on AIM is in
part provided by market makers who are member firms of the London
Stock Exchange and who are obliged to quote a share price for each
company for which they make a market between 8.00 a.m. and 4.30
p.m. on each Business Day.
Following Admission, the Company will be subject to the
regulatory and disciplinary controls of the AIM Rules for
Companies. While, for the most part, the obligations of a company
whose shares are admitted to trading on AIM are similar to those of
companies whose shares are listed on the premium segment of the
Official List, Shareholders should note that the protections
afforded to investors in AIM companies are in some respects less
rigorous than those afforded to investors in companies whose shares
are listed on the Official List, including the differences set out
in paragraph 3 above.
4. Details of the Cancellation and Admission
In order to effect the Move to AIM, the Company will require,
inter alia, Shareholder approval of the Cancellation and Admission
Resolution at the Annual General Meeting to be held at the offices
of Eversheds Sutherland (International) LLP at One Wood Street,
London EC2V 7WS at 10.00 a.m. on 31 March 2017. The Notice of
Annual General Meeting (contained in the Circular) sets out the
terms of the Cancellation and Admission Resolution, which is to be
proposed as a special resolution. In accordance with the Listing
Rules, the Cancellation and Admission Resolution is subject to
approval being obtained from not less than 75 per cent. of all
Shareholders voting in person or by proxy. If the requisite
percentage of Shareholders does not approve the Cancellation and
Admission Resolution, the Ordinary Shares will continue to be
admitted to the premium segment of the Official List and to trading
on the Main Market for listed securities of the London Stock
Exchange.
As the Ordinary Shares have been listed on the Official List for
more than 18 months, the AIM Rules do not require an admission
document to be published by the Company in connection with
Admission. However, subject to the passing of the Cancellation and
Admission Resolution at the Annual General Meeting, the Company
will publish an announcement which complies with the requirements
of Schedule One to the AIM Rules for Companies, comprising
information required to be disclosed by companies transferring
their securities from the Official List, as an AIM Designated
Market, to AIM.
Assuming the Cancellation and Admission Resolution is passed,
the Company will apply to cancel the listing of the Ordinary Shares
on the Official List and to trading on the Main Market. It is
intended that the transfer to AIM will take place simultaneously
with the Cancellation.
It is expected that the last day of dealings in the Ordinary
Shares on the Main Market will be 28 April 2017 and that the
Cancellation will take effect at 8.00 a.m. on 2 May 2017, being not
less than 20 Business Days from the passing of the Cancellation and
Admission Resolution.
5. Adoption of New Articles
The Board is also asking Shareholders at the Annual General
Meeting to approve the adoption by the Company of the New Articles
with effect from (immediately prior to) Admission primarily for the
purposes of effecting minor, non-material administrative,
definitional and other updating changes appropriate for a company
whose shares are admitted to trading on AIM.
6. Corporate governance and employee share schemes
The Board has reviewed its internal corporate governance
procedures, financial controls and reporting procedures and
consider these to be appropriate given the size and structure of
the Company and its anticipated Move to AIM.
Compliance with the UK Corporate Governance Code is not
mandatory for companies whose shares are admitted to trading on
AIM. Following Admission, the Directors propose to follow the
Corporate Governance Code for Small and Mid-Size Quoted Companies
published by the Quoted Companies Alliance.
The Company intends to continue to hold timely board meetings as
issues arise which require the attention of the Board. The Board
will continue to be responsible for the management of the business
of the Company, setting the strategic direction of the Company and
establishing the policies of the Company. It will continue to be
the Directors' responsibility to oversee the financial position of
the Company and monitor the business and affairs of the
Company.
The Company does not currently envisage making any material
changes to its Board composition or to the constitution and
membership of its Audit, Nomination and Remuneration Committees as
a consequence of the Move to AIM.
The Company will adopt a new Share Dealing Code of Directors'
dealings, compliant with Rule 21 of the AIM Rules for Companies,
and will take all reasonable steps to ensure compliance by the
Directors and any other relevant individuals. The Share Dealing
Code will prevent the Directors and certain other relevant
individuals from dealing in Ordinary Shares during close
periods.
The Company operates a number of employee share schemes. The
rules of such schemes contain provisions which are solely designed
to comply with requirements appropriate for a company listed on the
Official List. It is therefore intended that, in connection with
the Move to AIM, amendments shall be made to the rules of the
Company's existing employee share schemes so as to comply with the
rules applying to companies traded on AIM and to take account of
other requirements which are pertinent to a company admitted to
AIM. Such amendments shall include, but shall not be limited to,
prohibiting the grant of option at a time which would be in breach
of the AIM Rules and imposing an obligation on the Company to make
an application to the London Stock Exchange for Ordinary Shares
issued pursuant to options or awards to be admitted to trading on
AIM, to replace an existing obligation on the Company to make an
application for such Ordinary Shares to be admitted to the Official
List of the UKLA.
7. Definitions
The following definitions apply throughout this announcement
unless the context requires otherwise:
"2006 Act" or "Companies the Companies Act 2006
Act"
"Admission" the admission of the entire
issued ordinary share capital
of the Company to trading on
AIM in accordance with the AIM
Rules for Companies
"AIM" AIM, a market operated by the
London Stock Exchange
"AIM Designated a market whose name appears
Market" on the latest publication by
the London Stock Exchange of
the document entitled "The AIM
Designated Market Route" and
which includes the Official
List
"AIM Rules" the AIM Rules for Companies
and the AIM Rules for Nominated
Advisers
"AIM Rules for Companies" the rules which set out the
obligations and responsibilities
in relation to companies whose
shares are admitted to trading
on AIM, as published by the
London Stock Exchange from time
to time
"AIM Rules for Nominated the rules which set out the
Advisers" eligibility, obligations and
certain disciplinary matters
in relation to nominated advisers
as published by the London Stock
Exchange from time to time
"Annual General the annual general meeting of
Meeting" the Company convened for 10.00
a.m. on 31 March 2017 to be
held at the offices of Eversheds
Sutherland (International) LLP,
One Wood Street, London EC2V
7WS by the Notice of Annual
General Meeting
"Business Day" any day on which the London
Stock Exchange is open for the
transaction of business
"Cancellation" or the proposed cancellation of
"Delisting" the listing of the Ordinary
Shares on the Official List
and from trading on the Main
Market
"Cancellation and Resolution 16 set out in the
Admission Resolution" Notice of Annual General Meeting
to approve the Cancellation
and Admission
"Company" or "Lakehouse" Lakehouse plc, a company registered
in England and Wales with registered
number 9411297
"CREST" the relevant system, as defined
in the CREST Regulations, and
the holding of shares in uncertificated
form in respect of which Euroclear
is the operator (as defined
in the CREST Regulations)
"CREST Regulations" the Uncertificated Securities
Regulations 2001 (SI 2001/3755),
as amended
"Directors" or "Board" the directors of the Company
"Disclosure Guidance (a) the disclosure guidance
and Transparency made by the UKLA in accordance
Rules" with section 73A(3) of Part
VI of FSMA relating to the disclosure
of information in respect of
financial instruments (and,
where the context requires,
the disclosure rules made by
the UKLA in accordance with
section 73A(3) of Part VI of
FSMA relating to the disclosure
of information in respect of
financial instruments which
have been admitted to trading
on a regulated market or for
which a request for admission
to trading on such market has
been made); and
(b) the transparency rules made
by the UKLA under section 73A(6)
of Part VI of FSMA in relation
to major shareholdings and the
notification and dissemination
of information by issuers of
transferable securities (and,
in each case, as that guidance
and those rules may be amended
from time to time)
"Euroclear" Euroclear UK & Ireland Limited,
the operator of CREST
"FCA" the Financial Conduct Authority
"FSMA" the Financial Services and Markets
Act 2000, as amended from time
to time
"Group" the Company and its subsidiaries
"Listing Rules" the listing rules and regulations
published by the UKLA acting
under Part VI of FSMA, as amended
from time to time
"London Stock Exchange" London Stock Exchange plc
"Main Market" the London Stock Exchange's
main market for listed securities
"Move to AIM" the Cancellation and Admission
"New Articles" the new articles of association
proposed to be adopted by the
Company pursuant to Resolution
17, further details of which
are contained in paragraph 7
of the letter from the Chairman
"Nominated Adviser" a nominated adviser, as required
by the AIM Rules
"Notice of Annual the notice of Annual General
General Meeting" Meeting set out at the end of
the Circular
"Official List" the list maintained by the UKLA
in accordance with section 74(1)
of FSMA for the purposes of
Part VI of FSMA
"Ordinary Shares" ordinary shares of 10 pence
each in the capital of the Company
"Stockdale" Stockdale Securities Ltd, the
Company's financial adviser
and corporate broker and the
proposed nominated adviser and
corporate broker to the Company
from Admission
"Prospectus Rules" the rules made for the purposes
of Part VI of FSMA in relation
to offers of securities to the
public and admission of securities
to trading on a regulated market
"Shareholder" a holder of Ordinary Shares
from time to time
"UK" or "United the United Kingdom of Great
Kingdom" Britain and Northern Ireland
"UKLA" the FCA, acting in its capacity
as the competent authority for
the purposes of Part VI of FSMA
"UK Corporate Governance the UK Corporate Governance
Code" Code published by the Financial
Reporting Council, as in force
from time to time
IMPORTANT INFORMATION
The distribution of this announcement in or into certain
jurisdictions other than the United Kingdom may be restricted by
law. Therefore, persons into whose possession this announcement
comes should inform themselves about, and observe, any such
restrictions.
This announcement contains (or may contain) certain
forward-looking statements with respect to the Company and certain
of its goals and expectations relating to its future financial
condition and performance which involve a number of risks and
uncertainties. No forward-looking statement is a guarantee of
future performance and actual results could differ materially from
those contained in any forward-looking statements. All statements,
other than statements of historical facts, contained in this
announcement, including statements regarding the Group's future
financial position, business strategy and plans, business model and
approach and objectives of management for future operations, are
forward-looking statements. Generally, the forward-looking
statements in this announcement use words such as "aim",
"anticipate", "target", "expect", "estimate", "plan", "goal",
"believe", "will", "may", "could", "should", "future", "intend"
"opportunity, "potential", "project", "seek" and other words having
a similar meaning. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances, including, but not limited to, economic and
business conditions, the effects of changes in interest rates and
foreign exchange rates, changes in legislation, changes in customer
habits and other factors outside the control of the Company, that
may cause actual results, performance or achievements to be
materially different from any results, performance or achievements
expressed or implied by such forward-looking statements. All
forward looking statements contained in this announcement are based
upon information available to the Directors at the date of this
announcement and access to this announcement shall not give rise to
any implication that there has been no change in the facts set
forth herein since such date. The forward-looking statements in
this announcement are based on the relevant Directors' beliefs and
assumptions and information only as of the date of this
announcement, and the forward-looking events discussed in this
announcement might not occur. Therefore, Shareholders should not
place any reliance on any forward-looking statements. Except as
required by law or regulation (including, without limitation, as a
consequence of the Prospectus Rules, Listing Rules and/or the
Disclosure Guidance and Transparency Rules), the Directors
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future earnings
or otherwise.
Stockdale Securities Ltd ("Stockdale"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for the Company in connection with the
Cancellation and Admission and will not be responsible to any
person other than the Company for providing the protections
afforded to its customers or for advising any other person on the
contents of this announcement or any matter, transaction or
arrangement referred to therein. Stockdale makes no representation
or warranty, express or implied, as to the contents of this
announcement and, aside from the responsibilities and liabilities,
if any, which may be imposed by the FSMA or the regulatory regime
established thereunder, does not accept any responsibility or
liability whatsoever for the accuracy of or opinions contained in
(or for the omission of any material information) this announcement
and shall not be responsible or otherwise liable for the contents
of this announcement.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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