TAX.L Regulatory News (TAX)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Tax Systems plc

("Tax Systems", "the Group" or "the Company")

Exercise of Options, Total Voting Rights and Rule 2.9 Disclosure

Tax Systems plc (AIM: TAX), a leading supplier of corporation tax software and services, announces that on 18 February 2019 it received from BGF Investments LP ("BGF") notice of exercise of its option held over 5,970,140 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") on the terms of the agreement between the Company and BGF dated 26 July 2016 (the "Option Agreement"). Following receipt by the Company today of the subscription monies payable, in accordance with the notice of exercise and the Option Agreement, the Company expects to allot and issue 5,970,140 Ordinary Shares to BGF on 25 February 2019.

Application will be made to the London Stock Exchange for the 5,970,149 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and trading will commence on or around 8.00 a.m. on 28 February 2019.

Following Admission, the total number of Ordinary Shares in issue will be 86,673,530 and the total number of voting rights will therefore be 86,673,530. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Rule 2.9 disclosure

In accordance with Rule 2.9 of the Takeover Code, Tax Systems confirms that following Admission it will have 86,673,530 ordinary shares of 1 pence each in issue, each with one voting right per share. The International Securities Identification Number (ISIN) of Tax Systems' shares is GB00BDHLGB97. 

 About Tax Systems Plc

Tax Systems is a leading provider of corporation tax software and services in the UK and Ireland. The business has a long track record of being a key supplier of corporation tax software and services to many of the largest companies and the accounting profession in the UK and Ireland. Find out more at www.taxsystems.com

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.taxsystems.com by no later than 12 noon (London time) on 26 February 2019. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

 Disclosure requirements of the Code

 Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

 Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8.

A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

 Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.