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Equiniti Group PLC
30 November 2020
Media Release
30 November 2020
EQ adds 2020's biggest listing to Boardroom client roster
· UK's leading share registrar appointed for Europe's largest ever e-commerce IPO
· EQ maintains its position as the share registrar and share plan provider of choice for the market's biggest brands
· EQ adds five IPOs and six registration transfers in 2020
EQ, an international technology-led services and payments specialist, is delighted to confirm its ongoing role as share registrar and share plan manager for THG, after supporting its IPO.
THG, a Manchester-based e-commerce company, listed on the UK Main Market in September with a market capitalisation of £5.4 billion, with 376 million shares sold at 500p, raising £1.88 billion.
EQ, through its dedicated service, supported 144 shareholders selling into the IPO, with previous private equity owner KKR selling down its entire stake worth £448 million.
Significant investors were BlackRock, Henderson Global Investors, Merian and the Qatar Investment Authority who collectively bought £565 million worth of shares.
Despite lockdown putting the brakes on IPO activity, EQ has already acted as registrar on five main market IPOs in 2020, and has won six new share registration clients from competitors during the year, including one large FTSE 100 company.
As registrar to around half the FTSE 100, Guy Wakeley, Chief Executive of EQ, was delighted that EQ continued its record of managing the biggest floats on the London Stock Exchange.
He commented: "We are delighted to have supported THG's successful IPO and are excited to continue our work with the Company as its share registrar and share plan provider.
"Our specialist team and market-leading technology combined to deliver an outstanding service to THG, particularly given the relatively large number of selling shareholders. We are proud to maintain our position as the registrar of choice for assisting prestigious brands with their journey to the public markets.
"Although 2020 has been a time of extraordinary disruption, EQ now has a strong pipeline of IPOs stretching into 2021, as London continues to serve as the venue of choice for companies to access a broad base of international investors."
Receipt of £105 million of deferred consideration from sale of Earls Court
Capco confirms that it has received £105 million of deferred cash consideration from the Earls Court sale. This amount represents a scheduled payment following the sale announced in November 2019. The final payment of £15 million is due to be received in November 2021.
This receipt further enhances Capco's financial flexibility and liquidity. Proceeds will be used to reduce borrowings under the Covent Garden revolving credit facility.
Based on Capco's net debt and the independent valuation of its property portfolio as at 30 June 2020, and taking into account the proceeds of the sale of the Wellington Block (£76.5 million), payments in respect of Shaftesbury shares acquired in August and November 2020 (£153 million in total) and the proceeds of the exchangeable bond issue announced on 19 November 2020 (£275 million), on a pro forma basis Capco's net debt would be approximately £700 million representing a net debt to gross assets ratio of 25 per cent (30 June 2020: 26 per cent). On the same basis, net debt for Covent Garden would be approximately £475 million and the loan to value ratio would be 23 per cent (30 June 2020: 36 per cent).
£27m Disposal of Conveyancing Alliance
Funded to build transformative digital platform to revolutionise home moving and ownership
ULS Technology plc (AIM: ULS), the provider of online platforms to support UK consumers moving home, announces that it has sold its wholly owned subsidiaries Conveyancing Alliance (Holdings) Limited and Conveyancing Alliance Limited ("CAL") for a cash consideration of £27.3m (the "Disposal") to Project Ophelia Bidco Limited, a company which also controls O'Neill Patient Solicitors LLP which is the largest conveyancer on the CAL panel.
Highlights
· Cash consideration of £27.3m for CAL which made £2.5m EBITDA in the year to 31 March 2020.
· Proceeds from the Disposal will be used to repay all of the Group's existing debt facilities, leaving c.£25m of pro forma cash on its balance sheet.
· The Group's main operating brand post the disposal, eConveyancer, delivered c.£5m of EBITDA in the year to 31 March 2020.
· Following the sale of CAL, and taking into account the current level of investment in Digital Move, the Group remains profitable at the EBITDA level.
Rationale
Over the last six months, the Board has broadened its ambitions to disrupt and transform the home moving and home owning experience for consumers. The Board's vision is to create a platform that will provide consumers with a seamless digital journey for moving house, remortgaging and managing their home.
It has become increasingly clear to the Board that CAL, which provides an effective but simple conveyancing comparison site to individual mortgage brokers, does not support the Group's vision. In contrast, eConveyancer's technology and B2B relationships provide a more comprehensive conveyancing panel management service to large mortgage broker networks, and to mainstream and specialist lenders. This creates a number of touch points with homebuyers and home owners which is a core part of the Group's strategy and its DigitalMove proposition.
Following the disposal of CAL, the Group has one cash generating unit, its main operating brand eConveyancer which delivered c.£5m of EBITDA in the year to 31 March 2020, based on unaudited management estimates. The Group invested a total of c.£1.5m in Digital Move in the same period, of which c.£0.5m was capitalised. This investment, combined with the Group's other ongoing activities as well as central and head office costs, reduced EBITDA in the year to 31 March 2020 by c. £2m. After the sale of CAL, but prior to any increased investment, the Group expects to continue to be EBITDA positive.
Completion of Unilever's Unification
30 November 2020
Unilever is pleased to announce the completion of the unification of its Group legal structure under a single parent company, Unilever PLC.
From today, and for the first time in its history, Unilever now trades with one market capitalisation, one class of shares and one global pool of liquidity, whilst also maintaining the Group's listings on the Amsterdam, London and New York stock exchanges.
Nils Andersen, Chairman of Unilever, said: "This is an important day for Unilever and we would like to thank our shareholders for their strong support of our Unification proposals, which give us greater flexibility for strategic portfolio change, remove complexity and further improve governance."
There will be no change to the operations, locations, activities or staffing levels in either The Netherlands or the United Kingdom as a result of Unification. The headquarters of Unilever's Foods & Refreshment Division will continue to be based in Rotterdam and the Home Care and Beauty & Personal Care Divisions will continue to be headquartered in the United Kingdom.
Further information for shareholders
Dealings in new Unilever PLC shares commence today on the London Stock Exchange, Euronext Amsterdam and the New York Stock Exchange.
New Unilever PLC shares will be admitted to the Premium Listing segment of the Official List of the UK Financial Conduct Authority ("FCA") and to trading on the London Stock Exchange's Main Market for listed securities with the ticker "ULVR" this morning. Unilever PLC shares will also be admitted to listing and to trading on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., under the ticker "UNA" this morning. It is expected that Unilever PLC ADSs will be admitted to trading on the New York Stock Exchange this afternoon.
Following the issue and allotment of 1,460,713,122 new Unilever PLC shares pursuant to Unification, which represent 55.56% of the total number of PLC shares, Unilever PLC's total issued ordinary share capital consists today of 2,629,243,772 ordinary shares of 3 1/9 pence each.
As part of Unification, Unilever NV ceased to exist yesterday, 29 November 2020, as a result of which there have been no dealings, and will be no further dealings, in any Unilever NV securities (including in Unilever NV shares on Euronext in Amsterdam) since that date.
Unilever PLC holds no ordinary shares in treasury. As at today's date, 1,383,237 Unilever PLC shares (including Unilever PLC shares represented by Unilever PLC ADSs) are held by companies in the Unilever Group. The voting rights attaching to those shares are not exercisable. Therefore, the total number of shares with exercisable voting rights in Unilever PLC is 2,627,860,535.
Positive Coronavirus Test Results & Endorsement
of Symphony d2p Gloves & Facemask
Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in technologies to enhance the properties of plastic and some non-plastic products, is pleased to announce that it has received further successful test reports from the Laboratory of Virology at the University of Campinas, Brazil ("Unicamp") on the Company's anti-viral nitrile gloves and polypropylene fabric facemasks, made with Symphony's d2pAM (antimicrobial) technology.
The gloves and facemasks were tested in accordance with ISO 21702-2019, the international standard for the measurement of anti-viral activity on plastics and other non-porous surfaces, against the Coronavirus strain MHV, genus Betacoronavirus (the same genus and family as SARS-CoV-1, SARS-CoV-2/COVID19 and MERS). The test reports concluded that "we recommend using d2pAM as a potential virucidal agent for the Coronavirus group and helps in controlling COVID-19."
The d2pAM glove showed a 99.99% virus-reduction after only one hour of contact. The d2pAM facemask showed a 99% virus-reduction after one hour of contact with the facemask, and 99.9% after two hours.
The same tests were performed on a glove and a facemask which did not contain d2pAM, and concluded that no virucidal effect was detected.
Symphony's CEO, Michael Laurier, said "These test results are a significant step forward in our global marketing campaign to promote the importance of using our d2p technology in these everyday essential products. We believe this is a major breakthrough in the fight against COVID. These masks and gloves will provide essential additional protection for everyone, especially for staff, patients, and visitors in a hospital or care-home environment.
The masks are already available in commercial volumes and, subject to securing manufacturing space, we hope to be able to supply the gloves during the second quarter of 2021 and will market both products through our global distribution network.
We are extremely pleased with this latest scientific validation of our d2pAM technology, but it is currently too early to estimate the level of demand for these products."
This announcement follows Symphony's d2p anti-bacterial bread bags being approved by the FDA in the US in February 2020, and after Eurofins Laboratories in August 2020 and Unicamp in September 2020 proving anti-viral efficacy on polyethylene film made with Symphony's d2pAM technology.
The Board is pleased to report that, in spite of the disruption caused by the second wave of COVID-19, the Group has performed well throughout the second half to date. During the period, Keystone has continued to see recovery across all areas of its business with like for like performance having now returned to very near pre-COVID levels. As a result, the Group now expects to deliver profits for the year comfortably ahead of current market expectations(1).
James Knight, CEO of Keystone, said: "We are delighted with the second half performance to date. Whilst the much feared second wave of COVID-19 has arisen, unlike the first wave in the Spring, it has had a limited impact on the performance of the Group."
(1) The Board considers current market consensus profit to be adjusted PBT of £4.6m
The information contained in this announcement is deemed to constitute inside information for the purposes of the Market Abuse Regulation (EU) No 596/2014.
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