Rns...29 Oct 2013 14:31
Platform Acquisition Holdings Limited
Symbol: PAH
29 October 2013
Platform Acquisition Holdings Limited ("Platform" or the "Company") today publishes its interim management statement for the period from 1 July 2013 to 29 October 2013.
Platform was admitted to the London Stock Exchange on 22 May 2013 through an initial public offering ('IPO'), raising gross proceeds of $905 million, consisting of $885 million through the placing of ordinary shares (with matching warrants) at a placing price of $10 per ordinary share and a further $20 million through the subscription of founder preferred shares. As set out in Platform's Prospectus dated 17 May 2013, the Company was formed with the strategy of acquiring a target company or business expected to have an enterprise value of between $750 million and $2.5 billion.
As at Platform's last close of trading on the London Stock Exchange on 10 October 2013, Platform had 88,529,500 ordinary shares in issue, 2,000,000 founder preferred shares in issue and 90,529,500 warrants (each warrant being exercisable for 1/3 of an ordinary share).
As of 30 September 2013, Platform had cash of approximately $364.5 million and also held $516.0 million in United States Government Treasury Bills, $336.0 million of which are classified as cash equivalents due to having a maturity of less than three months from the date of purchase. The Net Loss for the period 1 July 2013 to 30 September 2013 was $4.7 million including $4.5 million of expenses related to the pending MacDermid transaction described below.
As previously announced, on 10 October 2013, Platform entered into a definitive agreement to acquire MacDermid Incorporated ("MacDermid"), a global provider of specialty chemicals for approximately $1.8 billion plus deferred consideration. The transaction is expected to complete by the end of October 2013. After the assumption of $755 million of existing MacDermid first lien indebtedness, the remaining cash consideration is expected to be funded with Platform's cash on hand and proceeds from a warrant exchange offer being carried out by Platform.
Since 10 October 2013, Platform's shares and warrants have been suspended from trading on the London Stock Exchange and it is not expected that trading will resume as Platform expects to complete a listing of its shares on the New York Stock Exchange as soon as practicable.
Following the completion of Platform's acquisition of MacDermid, Platform will be renamed Platform Specialty Products Corporation ("PSP") and MacDermid will continue to operate as a standalone business by its existing management team, under the PSP umbrella. PSP intends to change the composition of its Board of Directors in anticipation of its move from the London Stock Exchange to the New York Stock Exchange. Martin E. Franklin, Founder and Executive Chairman of Jarden Corporation, will serve as PSP's Chairman, to provide ongoing strategic guidance ov
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