AIM Schedule 1 - Lakehouse Plc (0507C)
April 10 2017 - 4:00AM
UK Regulatory
TIDMLAKE
RNS Number : 0507C
AIM
10 April 2017
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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Lakehouse plc ("Lakehouse" or the "Company")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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1 King George Close
Romford
Essex
RM7 7LS
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COUNTRY OF INCORPORATION:
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England and Wales
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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http://www.lakehouse.co.uk/
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF
OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY,
DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION
IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER
UNDER RULE 14, THIS SHOULD BE STATED:
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Lakehouse is an asset and energy support services
group that constructs, improves, maintains and
provides services to homes, schools, public
and commercial buildings with a focus on the
UK public sector and regulated markets.
The Company's core service areas are Compliance,
Energy Services, Property Services and Construction.
Compliance
Lakehouse provides advice to clients to enable
them to meet their legal, safety and regulatory
requirements across various aspects of a property
including gas, fire electrical, lifts and water
and air.
Energy Services
Lakehouse provides services which enable clients
to use energy more wisely and reduce energy
costs, including wall and loft insulation, heating
systems, smart metering and energy brokerage
and advisory services amongst others.
Property Services
Lakehouse provides regeneration and refurbishment
services, comprising planned, preventative and
reactive maintenance services to local authorities
and housing associations.
Construction
Lakehouse delivers buildings intended for public
use, predominantly schools and colleges in addition
to a wide range of other public buildings including
community centres, libraries, and fire stations.
Lakehouse's sole country of operation is the
United Kingdom.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING
ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES
(i.e. where known, number and type of shares,
nominal value and issue price to which it seeks
admission and the number and type to be held
as treasury shares):
---------------------------------------------------------------
Number of shares to be admitted: 157,527,103
Type and nominal value of shares: Ordinary shares
of 10 pence each
No shares to be held in treasury
No restrictions as to the transfer of securities
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
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Anticipated market capitalisation (based on
a share price of 46.75p on 31 March 2017) on
admission to AIM: c.GBP74 million
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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27.03%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
---------------------------------------------------------------
N/A - AIM only
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED
DIRECTORS (underlining the first name by which
each is known or including any other name by
which each is known):
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Robert (Bob) Holt, OBE (Executive Chairman)
Jeremy John Cobbett Simpson (Chief Financial
Officer)
Michael McMahon (Chief Operating Officer)
Robert William Lindsay Legget (Senior Independent
Director)
Andrew Nigel Harrison (Non-Executive Director)
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS
EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE
CAPITAL, BEFORE AND AFTER ADMISSION (underlining
the first name by which each is known or including
any other name by which each is known):
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Shareholder Before After
Estate of Steve Rawlings 15.50% 15.50%
Harwood Capital LLP 10.35% 10.35%
Slater Investments Ltd. 5.84% 5.84%
Legal & General Investment
Management Ltd. 5.60% 5.60%
Michael McMahon 5.06% 5.06%
Stuart Black 3.51% 3.51%
Carol King 3.39% 3.39%
Sean Birrane 3.05% 3.05%
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
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None
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION
IN THE ADMISSION DOCUMENT HAS BEEN PREPARED
(this may be represented by unaudited interim
financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST
THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
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i) 30 September
ii) 30 September 2016
iii) 30 June 2017, 31 March 2018, 30 June 2019
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EXPECTED ADMISSION DATE:
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11 May 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Stockdale Securities Ltd
Beaufort House
15 St. Botolph Street
London
EC3A 7BB
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NAME AND ADDRESS OF BROKER:
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Stockdale Securities Ltd
Beaufort House
15 St. Botolph Street
London
EC3A 7BB
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT,
DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS)
THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM,
WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION
OF ITS SECURITIES:
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N/A - quoted applicant
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DATE OF NOTIFICATION:
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10 April 2017
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NEW/ UPDATE:
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New
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QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING:
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THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH
THE APPLICANT'S SECURITIES HAVE BEEN TRADED:
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Premium segment of the FCA's Official List /
Main Market of the London Stock Exchange.
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THE DATE FROM WHICH THE APPLICANT'S SECURITIES
HAVE BEEN SO TRADED:
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23 March 2015
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CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL
ENQUIRY, THE APPLICANT HAS ADHERED TO ANY LEGAL
AND REGULATORY REQUIREMENTS INVOLVED IN HAVING
ITS SECURITIES TRADED UPON SUCH A MARKET OR
DETAILS OF WHERE THERE HAS BEEN ANY BREACH:
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The Company has adhered to the legal and regulatory
requirements applicable to companies admitted
to the Official List (premium segment) and the
Main Market of the London Stock Exchange plc.
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AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS
OR ANNOUNCEMENTS WHICH THE APPLICANT HAS MADE
PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE
OF HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE:
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http://www.lakehouse.co.uk
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DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING
ADMISSION INCLUDING, IN THE CASE OF AN INVESTING
COMPANY, DETAILS OF ITS INVESTING STRATEGY:
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The Company's strategy is oriented around three
stages:
* Developing key markets
* Focused divisions
* Working together across business lines
The Company is focused on organic growth, seeking
to increase the services sold to existing clients,
winning new clients and expanding geographic
coverage. It will seek to do so principally
on an organic basis and only consider acquisitions
where they complement its existing portfolio.
The board of directors are comfortable with
and confident in the delivery model for Compliance,
Energy Services and Construction. However, the
self-delivery model in the Company's closed
'externals' departments within Property Services
has resulted in significant losses and the board
of directors will pursue a far more rigid risk-based
delivery model in the division in the future.
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A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL
OR TRADING POSITION OF THE APPLICANT, WHICH
HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL
PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN
PUBLISHED:
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As announced on 7 March 2017, the Energy Services
Division has had a good start to the current
financial year ("FY17"), securing a key GBP39m
smart metering contract with Scottish Power,
together with important External Wall Insulation
contracts with Fife Council, Rosehill Housing
Association, Grampian Housing Association and
the London Borough of Camden.
The Compliance Division has had a number of
important contract wins in FY17, meeting the
strategy to grow organically in both service
lines and geographic footprint. These include
a GBP7m commercial gas programme with London
& Quadrant over five years, a GBP2.8m heating
and boiler replacement programme with Central
Bedfordshire Council, a GBP2m heating servicing
and repairs contract with Derbyshire County
Council over two years, a GBP1m fire equipment
service and maintenance contract with Shepherd's
Bush Housing Association over three years, a
four year legionella framework with Procurement
for All potentially worth GBP650,000 and a GBP1.6m
lift modernisation programme with the London
Borough of Hammersmith and Fulham. The Division
has also been successful in resecuring a number
of existing contracts, which help underpin the
prospects for the business.
Within the Construction Division, the Chadwell
Heath Campus at Redbridge College, a Lakehouse
design and build project, won the Light and
Exterior Surface award at the recent Surface
Design Awards, demonstrating the quality and
innovation Lakehouse brings to such works. The
division has also secured a number of important
new wins in FY17, including a GBP6.1m contract
with Uxendon Manor Primary School (London Borough
of Brent), a GBP4.2m contract for Haslam House
& Chichester Court (London Borough of Harrow)
and a GBP2.7m contract for Harris Academy (London
Borough of Merton). The division continues to
experience delays on new contracts related to
two stage procurement, albeit 14 of the 17 contracts
discussed in the FY16 annual report have now
mobilised.
The turnaround of the Property Services Division
continues, with the new management team in place
implementing the strategy.
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A STATEMENT THAT THE DIRECTORS OF THE APPLICANT
HAVE NO REASON TO BELIEVE THAT THE WORKING CAPITAL
AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT
FOR AT LEAST TWELVE MONTHS FROM THE DATE OF
ITS ADMISSION:
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The Directors of Lakehouse plc have no reason
to believe that the working capital available
to it and its Group will be insufficient for
at least twelve months from the date of its
admission.
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DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT
TO RULE 7 OF THE AIM RULES:
---------------------------------------------------------------
N/A - none
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A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR
SETTLING THE APPLICANT'S SECURITIES:
---------------------------------------------------------------
Settlement will be through the CREST system
for uncertificated shares. Shareholders can
also deal based on share certificates.
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A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING
TO THE APPLICANT'S SECURITIES:
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www.lakehouse.co.uk
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INFORMATION EQUIVALENT TO THAT REQUIRED FOR
AN ADMISSION DOCUMENT WHICH IS NOT CURRENTLY
PUBLIC:
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Please see the Group Circular and the Appendix
to this Schedule 1 announcement which are available
at www.lakehouse.co.uk
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A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S
LATEST ANNUAL REPORT AND ACCOUNTS WHICH MUST
HAVE A FINANCIAL YEAR END NOT MORE THEN NINE
MONTHS PRIOR TO ADMISSION AND INTERIM RESULTS
WHERE APPLICABLE. THE ACCOUNTS MUST BE PREPARED
IN ACCORDANCE WITH ACCOUNTING STANDARDS PERMISSIBLE
UNDER AIM RULE 19:
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http://www.lakehouse.co.uk/investors/results-and-presentations
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THE NUMBER OF EACH CLASS OF SECURITIES HELD
IN TREASURY:
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None
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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