D4T4.L Regulatory News (D4T4)

23 Apr 2008 12:12

IS Solutions PLC23 April 2008 23 April 2008 IS Solutions plc Proposed transfer of the Company's Ordinary Shares from the Official List to AIM Introduction IS Solutions plc (the "Company"), providers of a range of Internet design,website development and systems support services, today announces proposals tocancel its listing on the Official List of the UK Listing Authority and to applyfor its share capital to be admitted to trading on the AIM market of the LondonStock Exchange ("AIM"). A Circular providing full details of the proposals and containing notice of anExtraordinary General Meeting (the "EGM") to be held on 15 May 2008, will beposted to Shareholders today together with the Company's Annual Report andAccounts. An expected timetable of events is set out at the end of this announcement. Transfer from the Official List to AIM The Board believes that AIM is a more appropriate market for the Company takinginto account its size, market capitalisation and resources. The Board alsobelieves that AIM will offer greater flexibility, particularly with regards tocorporate transactions, and will enable the Company to agree and execute certaintransactions more quickly and cost-effectively should any disposal, acquisitionor other development opportunities arise in the future. Conditional upon approval of at least 75 per cent of the Shareholders voting atthe EGM, either in person or by proxy, the Company will give notice to cancelthe listing of the Ordinary Shares on the Official List and to remove them fromtrading on the London Stock Exchange's market for listed securities (the"De-Listing") and will apply for the admission of the Ordinary Shares to begintrading on the AIM market of the London Stock Exchange ("Admission"). It is anticipated that the last day of dealings in the Ordinary Shares on theOfficial List will be 13 June 2008. Cancellation of the listing and trading ofthe Ordinary Shares will take effect at 8 a.m. on 16 June 2008, being not lessthan 20 business days following the date of the EGM. It is anticipated that Admission will take place and dealings will commence onAIM at 8 a.m. on 16 June 2008. Brewin Dolphin Limited will act as nominated adviser and broker to the Companyfrom Admission. Extraordinary General Meeting As noted above, the approval of 75 per cent of Shareholders voting at the EGM,either in person or by proxy, must be obtained in order to proceed with theDe-Listing and subsequent Admission. The EGM is to be held on 15 May 2008 at Windmill House, 91-93 Windmill Road,Sunbury, Middlesex TW16 7EF at 10 a.m. (or as soon thereafter as the AnnualGeneral Meeting of the Company convened for the same day and place shall haveconcluded). Expected Timetable 2008Latest time and date for receipt of proxies for the EGM 10 a.m. on 13 May EGM 10 a.m. on 15 May Last day of dealings in New Ordinary Shares on the Official List 13 June Cancellation of listing of Ordinary Shares on the Official List 8 a.m. on 16 June Admission to AIM 8 a.m. on 16 June General Copies of the Circular have been sent to the UK Listing Authority and willshortly be available for inspection at the UK Listing Authority's DocumentViewing Facility, which is situated at Financial Services Authority, 25 TheNorth Colonnade, Canary Wharf, London E14 5HS. Contact For further information please contact: IS Solutions plcJohn Lythall Tel: 01932 893333www.issolutions.co.uk Brewin Dolphin LimitedJon Fitzpatrick Tel: 0845 213 4222 Citigate Dewe Rogerson LtdKeith Gabriel / Liz Rudman Tel: 0121 455 8370 This information is provided by RNS The company news service from the London Stock Exchange