13 Nov 2017 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
13 November 2017
Touchstone Innovations plc
Notice of cancellation of admission to trading on AIM
Further to the announcement released on 18 October 2017 by IP Group plc ("IP Group") declaring the IP Group offer (the "Offer") wholly unconditional in all respects, Touchstone Innovations plc ("Touchstone" or the "Company") notifies its shareholders that, at the request of IP Group, an application has been made to London Stock Exchange plc to cancel the trading facility in the ordinary shares in the capital of the Company ("Ordinary Shares") on AIM with effect from 7:00am on 11 December 2017.
The cancellation of trading in the Ordinary Shares will significantly reduce the liquidity and marketability of any Ordinary Shares and, as previously stated, the Board of Touchstone recommends that Touchstone shareholders who have not yet accepted the Offer now do so promptly.
Those Touchstone shareholders who accept the Offer will receive their new shares in IP Group as consideration for their Touchstone shares at an earlier date than they would as part of the compulsory acquisition procedure.
IP Group has announced that the Offer will remain open until further notice and that not less than 14 calendar days' notice will be given in respect of the closure of the Offer.
If you are a Touchstone shareholder and in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser authorised under the Financial Services and Markets Act 2000, as amended if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.
For further information contact:
Touchstone Innovations plc | 020 3053 8834 |
Russ Cummings, Chief Executive Officer | |
William Rayner, General Counsel and Company Secretary | |
Jon Davies, Director of Communications | |
Instinctif Partners | 020 7457 2020 |
Adrian Duffield/Mel Toyne-Sewell/Chantal Woolcock | |
J.P. Morgan Cazenove (Nominated adviser) | 020 7742 4000 |
Michael Wentworth-Stanley/Alec Pratt | |
RBC Capital Markets (Joint Corporate Broker) | 020 7653 4000 |
Marcus Jackson |
Further Information
J.P. Morgan Limited, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised and regulated in the United Kingdom by the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Touchstone Innovations plc and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Touchstone Innovations plc for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, or for providing advice in relation to any matter referred to herein.
RBC Capital Markets is the business name used by RBC Europe Limited, which is authorised in the United Kingdom by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority and the PRA and is a subsidiary of the Royal Bank of Canada. RBC is acting as Corporate Broker to the Company.
Ends