SWP Group PLC Proposed AIM Cancellation (6102M)
October 17 2016 - 1:00AM
UK Regulatory
TIDMSWP
RNS Number : 6102M
SWP Group PLC
17 October 2016
SWP Group plc
("SWP" or the "Company")
Proposed AIM Cancellation
SWP announces the proposed cancellation of the admission of its
ordinary shares of 0.5 pence each ("SWP Shares") to trading on AIM
(the "Cancellation").
On 13 October 2016, the offer for SWP by Friars 716 Limited
("Friars"), which was announced on 21 September 2016 (the "Offer"),
was declared wholly unconditional.
On 14 October 2016, Friars announced that, at the first closing
date of the Offer, Friars had received acceptances or had agreed to
acquire, in aggregate, 182,456,793 SWP Shares, representing 89.8%
of the existing issued share capital.
As a result, pursuant to Rule 41 of the AIM Rules for Companies,
the Company, through its nominated adviser, WH Ireland Limited (i)
has notified the London Stock Exchange of the proposed Cancellation
and intended Cancellation time and date of 7.00 a.m. on 14 November
2016; and (ii) has agreed with the London Stock Exchange that,
given that the Offer has been declared wholly unconditional at a
shareholding level in excess of 75 per cent., Cancellation will not
require, and is therefore not conditional upon, shareholder consent
in general meeting.
There is no intention to provide a facility to enable SWP Shares
to be traded on any public share trading platform or to list the
SWP Shares on an alternative stock exchange. Therefore any
transaction in the SWP Shares undertaken after the Cancellation
will only be capable of being undertaken by private sale.
It is intended that a circular will be sent to shareholders in
due course containing a notice convening a general meeting of the
Company to approve, inter alia, a resolution to re-register SWP as
a private limited company.
The net result of these actions would be for SWP to become a
private company with no ability for holders of SWP Shares, who have
not accepted the Offer, to trade their SWP Shares in the future on
a public trading platform.
For further information or enquiries please contact:
J.A.F Walker D.J. Pett
Chairman Finance Director
SWP Group plc SWP Group plc
Tel office: 01353 723270 Tel office: 01353
Mobile: 07800 951151 723270
Mobile: 07940 523135
Ranald McGregor-Smith/ Tim Feather / Ed
Nick Lovering Allsopp
Rule 3 Adviser to SWP Nominated Adviser
Whitman Howard and Broker
Tel office: 020 7659 1234 WH Ireland Limited
Tel office: 0113
394 6600
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGGCCUUPQGWC
(END) Dow Jones Newswires
October 17, 2016 02:00 ET (06:00 GMT)
SWP Group (LSE:SWP)
Historical Stock Chart
From Apr 2024 to May 2024
SWP Group (LSE:SWP)
Historical Stock Chart
From May 2023 to May 2024