3 Feb 2010 07:00
3 February 2010
WYG plc ("WYG" or the "Company")
Update on Restructuring and
Forthcoming admission to trading on AIM
WYG, the international multi-skilled consultancy, provides the following update ahead of the admission to trading of its Existing Ordinary Shares and New Ordinary Shares on AIM at 08.00 on 4 February 2010.
WYG satisfied the outstanding conditions of its financial restructuring on 8 January 2010 and the Restructuring completed on that date. The terms of the Restructuring were outlined in a circular posted to existing shareholders on 9 December 2009 (the "Circular") and approved at an EGM on 6 January 2010. The share reorganisation and ten for one share consolidation was effected on 6 January 2010, resulting in the Company's issued share capital comprising 5,296,445 ordinary shares of ten pence each before the issue of the Post-Consolidation New Ordinary Shares to the Lenders.
A key component of the Restructuring was the conversion on 8 January 2010 of approximately £22.9m of debt held by the Lenders in exchange for 29,993,441 Post-Consolidation New Ordinary Shares. The Existing Post-Consolidation Ordinary Shares and the Post-Consolidation New Ordinary Shares will be admitted to trading on AIM at 08.00 on 4 February 2010. The total number of issued Ordinary Shares in the capital of WYG will then be 35,289,886.
Commenting on the pending admission to AIM, Paul Hamer, Chief Executive Officer of WYG, said:
"The admission of the Company's Post-Consolidation Existing and New Ordinary Shares to AIM marks the end of WYG's financial restructuring and the beginning of the next stage of the Company's development. WYG now has a stronger capital structure and is better placed to withstand the challenging market conditions that we continue to face as we seek to rebuild shareholder value."
Capitalised words in this announcement are as defined in the Circular unless the context requires otherwise.
-oOo-
For further information, please contact:
| WYG plc |
|
| Paul Hamer, Chief Executive Officer David Wilton, Group Finance Director | Tel: 0113 278 7111 |
| Financial Dynamics |
|
| Jon Simmons | Tel: 020 7269 7291 |