Sign In
Last checked at 
1 Mar 2012 12:00
Croma Group Plc ("Croma" or the "Group")
1 March 2012
Update on Reverse Acquisition
Further to the Company's announcement at 7am this morning, Croma Group Plc, the AIM listed total security solutions provider, provides an update on the timing and process of the proposed acquisition of the CSS Companies and the conditional placing as set out in that announcement.
Expected Timetable of Principal Events
The anticipated dates of the acquisition are set out below. These dates are subject to change and a further announcement will be made by the Company as required.
Latest time and date for receipt of forms of proxy for the General Meeting | 10 a.m. on 24 March 2012 |
General Meeting | 10 a.m. on 26 March 2012 |
Share Consolidation Record Date | 6 p.m. on 26 March 2012 |
Admission and commencement of dealings in the Enlarged Share Capital on AIM | 8.00am on 27 March 2012 |
Key Placing Statistics
Should the Resolution be passed at the General Meeting, the Share Consolidation, details of which are set out in the Company's Admission Document, will take place prior to the completion of the Placing, Acquisition and conversion of loan notes. As such, the key placing statistics are set out below assuming that no further Ordinary Shares of 0.1 pence each are issued prior to the Share Consolidation.
Ordinary Shares of 0.1 pence in issue prior to the Share Consolidation | 189,337,850 |
Ordinary Shares of 5 pence in issue post the Share Consolidation | 3,786,753 |
Placing Price (per Ordinary Share of 5 pence ) | 75 pence |
Ordinary Shares of 5 pence being issued pursuant to the Placing | 6,666,666 |
Ordinary Shares of 5 pence to be issued pursuant to the conversion of loan notes | 766,666 |
Consideration Shares (being, Ordinary Shares of 5 pence) to be issued pursuant to the Acquisition | 3,282,447 |
Ordinary Shares of 5 pence in issue immediately following Admission | 14,502,532 |
Percentage of Enlarged Share Capital being issued pursuant to the Placing | 46.0% |
Expected market capitalisation of the Company upon Admission based on the Placing Price | £10.9 million |
Estimated net proceeds of the Placing receivable by the Company | £4.1 million |
Should the Resolution be passed at the General Meeting, the Company will also undergo a change of name to Croma Security Solutions Group Plc. On Admission, the Company's ordinary shares will trade under the ISIN number GB00B5MJV178 and new TIDM Code of CSSG.
For further information visit www.cromagroup.co.uk or contact:
Croma Group PLC: | |
Sebastian Morley, CEO | Tel: +44 7768 006 909 |
Nplus1 Brewin LLP (NOMAD): | |
Sandy Fraser | Tel: +44 131 529 0385 |
Robert Beenstock | Tel: +44 20 3201 3710 |
Derrick Lee | Tel: +44 131 529 0277 |
Follow the stocks
