26 Jul 2016 07:00
Tax Systems plc
("Tax Systems" or the "Company")
Admission to AIM and First Day of Dealings
Tax Systems (formerly known as Eco City Vehicles plc) is pleased to announce the commencement of dealings in its ordinary shares at 8.00 a.m. today on AIM under the ticker "TAX" following the reverse takeover of Tax Computer Systems Limited ("TCS").
Highlights
· Tax Systems is leading corporation tax software business with a blue chip customer base
· 43 of the FTSE 100
· 19 of top 20 UK accountancy firms
· Established for over 25 years with £12.8 million revenue (90% recurring) and 52% EBITDA margin in 2015
· Gavin Lyons, partner at MXC Capital Limited, appointed Executive Chairman
· Opportunity to invest further in the platform and team, accelerate organic growth and seek complementary acquisitions
· Company raised £45 million to part fund the acquisition of TCS by way of an oversubscribed placing of new ordinary shares at 67 pence per share
· New debt facilities of £30 million comprising £9 million term loan and £11 million revolving credit facility with HSBC Bank plc in addition to £10 million unsecured loan notes issued to the Business Growth Fund plc
Gavin Lyons, Executive Chairman said:
"I am delighted that the acquisition of TCS has been completed and I'd like to welcome our new shareholders. Tax Systems has a particularly strong position in its market, established over many years. I believe that there is an exciting opportunity to build on the core platform of the business whilst continuing to support our valued customer base. We will invest in the team and the product as well as complementary acquisitions as we seek to increase returns to our shareholders".
Tax Systems plc
Gavin Lyons, Executive Chairman +44 20 3845 3552
MXC Capital Markets LLP (Financial Adviser)
Marc Young/ Charlotte Stranner +44 20 7965 8149
finnCap Limited (Nomad and Broker)
Jonny Franklin-Adams/James Thompson +44 20 7220 0500
The Company's Admission Document is available on its website www.taxsystemsplc.co.uk