Tialis Essential IT PLC Completion of Acquisition (5491O)

TIDMTIA

RNS Number : 5491O

Tialis Essential IT PLC

01 February 2023

Tialis Essential IT Plc

("Tialis" or the "Company")

Completion of Acquisition

Tialis, the mid-market network, IT Managed Services provider is pleased to announce that, following the Company's announcement on 20 December 2022, it has now completed the exchange of contracts for the purchase of profitable partner contracts from Allvotec, a division of Daisy group. ("Completion").

The acquisition will bring three new channel partners to Tialis, supporting the diversification of Tialis' partner base and will also build on the existing relationship that Tialis has with its largest channel partner.

The initial consideration of GBP2.037m is being satisfied through the issue of 2,289,295 ordinary shares of 1p each in the Company (the "Consideration Shares"). An estimated GBP107k of deferred consideration will be paid in shares, subject to certain performance conditions being met by February 2025, also at an effective price of 89.2p per ordinary share.

As previously announced, Matt Riley will today join the Company's board of directors as a non-executive director, he will sit on the Remuneration Committee.

Application has been made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM.

It is expected that Admission of the 2,289,295 Consideration Shares to AIM ("Admission") will occur and that dealings will commence at 8.00 a.m. on 3(rd) February 2023. The Consideration Shares will rank pari passu with the existing ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares").

Following Admission of the Consideration Shares, the Company will have 24,118,744 Ordinary Shares in issue and no Ordinary Shares in treasury. Therefore, the total voting rights in the Company will be 24,118,744. This figure may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or any change to their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Andy Parker, Chairman of Tialis commented: " We are delighted that Matt will be joining our board. Clearly, he has a demonstrable track record of success with Daisy Group and his experience in the sector will be welcome and beneficial to all."

For more information, contact:

 
 Tialis Essential IT Plc                     Tel: +44 (0)344 
  Andy Parker, Non-Executive Chairman         874 1000 
 finnCap Limited                             Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                0500 
  Corporate finance: Jonny Franklin-Adams/ 
  Abby Kelly 
  ECM: Tim Redfern

INFORMATION REQUIRED UNDER RULE 17 AND SCHEDULE 2, PARAGRAPH (G) OF THE AIM RULES FOR COMPANIES ("AIM RULES")

 
Full name:               Matthew Robinson Riley 
Age:                     48 
Current directorships    Daisy Holdco Limited 
 and partnerships: 
                         IPR Holdings Limited 
                         Linton Regeneration Company Limited 
                         Daisy Corporate Services Trading 
                          Limited 
                         Robinson Capital Limited 
                         Daisy Private Equity Limited 
                         Daisy Capital Limited 
                         Daisy Advisory Limited 
                         Daisy Capital Partners Limited 
                         Lowood Estates Limited 
                         Robinson Capital Properties Limited 
                         U-Explore Limited 
                         Panther Topco Limited 
Historic directorships   Dws Group Holdings Limited 
 and partnerships in 
 previous 5 years: 
                         AKJ Group Holdings Limited 
                         Daisy Group Holdings Limited 
                         Freedom4 Limited 
 
                         Gourmet Meat Club Limited 
                         Kurt Bidco Limited 
                         Allvotec Limited 
                         Time Out Group Plc 
                         Damoco Holdco Limited 
                         Damoco Bidco Limited 
                         Damoco Midco Limited 
                         Grassroots Wholesale Foods Ltd

Matthew Riley was a director and shareholder in Zecom Limited which was subject to a Creditors Voluntary Winding Up pursuant to section 106 of the Insolvency Act 1986. The liquidators final statement of account on 14 September 2007 showed unsecured creditors of GBP65,125.

Matthew Riley was a director and shareholder of Roaming Roosters Limited, until that company was sold on 6 October 2017 (on which date he ceased to be a director and shareholder). On 26 July 2018 the new owners of Roaming Roosters Limited resolved to wind up the company and appointed a liquidator. A preferential creditor of GBP8491.57 was paid a final payment of 89.24p in the GBP. There was a loss to unsecured creditors of GBP136,602.

There is no further information to be disclosed in relation to the director appointment pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.

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February 01, 2023 03:00 ET (08:00 GMT)

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