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26 Sep 2011 14:36
26 September 2011
AssetCo plc
("AssetCo" or the "Company")
Approval of the Capital Reorganisation, the Share Exchange, the Placing, the Rule 9 Waiver and Admission of New Ordinary Shares
Further to the Company's announcement made on 9 September 2011 and the circular posted to shareholders, the Company announces that at a general meeting held earlier today, all resolutions required to implement the following Proposals have been passed:
·; A capital reorganisation and a 1 for 1,000 share consolidation.
·; The exchange of the Subsidiary Preference Shares in consideration for the issue of 3.75 million new ordinary shares of 10p each (the "New Ordinary Shares") by the Company.
·; A placing of 7 million New Ordinary Shares to raise GBP14 million (before expenses).
·; A waiver of obligations under Rule 9 of the Code which would otherwise arise from the Share Exchange and Placing.
This follows approval of the Scheme of Arrangement by creditors of the Company, as announced on 22 September 2011. The Scheme of Arrangement remains to be sanctioned by the Court. The Company expects to seek the sanction of the Court on 28 September 2011.
Application is being made for 11,000,712 New Ordinary Shares of 10p each to be admitted to AIM. This represents the entire issued ordinary share capital of the Company following completion of the Capital Reorganisation, Share Exchange and Placing. Admission is expected to occur on 30 September 2011.
As a consequence of the approval of the Proposals and following completion of the Placing and the Share Exchange, North Atlantic Value LLP, Utilico Group (being Utilico Investment Limited and Bermuda Commercial Bank) and Henderson Global Investors Limited are interested in the following number of New Ordinary Shares:
Shareholder | Number of New Ordinary Shares | Percentage of the total issued ordinary share capital | Number of warrants exercisable at 200p each |
North Atlantic Value LLP | 5,915,779 | 53.8 | 1,082,884 |
Utilico Group | 2,379,983 | 21.6 | 1,166,666 |
Henderson Global Investors Limited | 2,349,304 | 21.4 | 1,166,666 |
In this announcement, unless inconsistent with the subject or context, the defined terms shall have the meaning ascribed to them in the Circular. Copies of the Scheme of Arrangement and Circular are available on the Company website at www.assetco.com.
Enquiries:
AssetCo plc
Tudor Davies: +44 (0) 207 614 5917
Arden Partners plc
Richard Day: +44 (0) 207 614 5917
Adrian Trimmings
Chris Thomas
Espirito Santo Investment Bank
John Llewellyn-Lloyd: +44 (0) 20 3429 1426
John Riddell
Citigate Dewe Rogerson
Fiona Tooley: Office: +44 (0) 121 362 4035
Mobile: +44 (0) 7785 703 523
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