COR Coretx Hldgs

TIDMCSI

RNS Number : 9117K

AIM

06 January 2016

 
             ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT 
             PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 
             OF THE AIM RULES FOR COMPANIES ("AIM RULES") 
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 COMPANY NAME: 
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 Castle Street Investments plc (the "Company") 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
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 Registered Office (before and from Admission) 
  and Trading Address (before Admission): 
  23 Manor Place, Edinburgh EH3 7DX 
 
  Trading Address (from Admission): 
  Interchange House, 81-85 Station Road, Croydon 
  CR20 2AJ 
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 COUNTRY OF INCORPORATION: 
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 Scotland (SC368538) 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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 http://www.castlestreetinvestments.com/investors/rule-26/ 
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 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF 
  OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, 
  DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION 
  IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER 
  UNDER RULE 14, THIS SHOULD BE STATED: 
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 The Company proposes to acquire the entire issued 
  share capital of Selection Services Investments 
  Limited (Selection) which constitutes a reverse 
  takeover by the Company under Rule 14 of the 
  AIM Rules. Shareholder approval is sought at 
  a General Meeting to approve the admission of 
  the entire issued and to be issued share capital 
  to AIM on completion of this transaction. 
 
  The Company is proposing to acquire Selection 
  for an aggregate consideration of GBP34.8 million 
  (on a cash-free, debt-free basis) payable as 
  to GBP34.4 million in cash and as to the balance 
  by the issue of 1,353,810 new Ordinary Shares 
  to certain key executives of Selection. 
 
  Selection is a leading supplier of managed IT 
  solutions and Cloud related services providing 
  IT support; fully managed IT solutions and Cloud 
  related services; bespoke IT project delivery; 
  and strategic IT consultancy and advice. 
 
  Selection's main country of operation is the 
  UK. Selection works with a variety of customers 
  throughout the UK, delivering solutions that 
  help clients improve their performance and productivity 
  while reducing costs by deploying a range of 
  IT solutions and related services. 
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 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING 
  ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES 
  (i.e. where known, number and type of shares, 
  nominal value and issue price to which it seeks 
  admission and the number and type to be held 
  as treasury shares): 
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 172,555,803 Ordinary Shares of 2.5 pence each 
  ("Ordinary Shares") at a price of 30 pence per 
  share. 
 
  No shares are held in treasury. 
 
  The Ordinary Shares are freely transferable 
  and have no restrictions on them. 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
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 GBP30.0 million capital to be raised upon Admission. 
 
  Anticipated market capitalisation on Admission 
  approximately GBP51.8 million. 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
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 49.85% 
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 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED 
  TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS 
  AIM SECURITIES) ADMITTED OR TRADED: 
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 None 
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 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED 
  DIRECTORS (underlining the first name by which 
  each is known or including any other name by 
  which each is known): 
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 Existing Directors of the Company: 
  William (Bill) Dobbie - Non-Executive Chairman 
  Niall Fraser Stirling - Chief Financial Officer 
  Matthew Max Edward Royde - Non-Executive director 
 
  Proposed Directors of the Company on Admission: 
  Edward Jonathan Watts - Non-Executive Chairman 
  Andrew (Andy) Robert Craig Ross - Chief Executive 
  Officer 
  Julian Gerard Powell Phipps - Chief Financial 
  Officer 
  William (Bill) Dobbie - Non-Executive Director 
  Katherine Louise Margiad Ward (née Roe) 
  - Independent Non-Executive Director 
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 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS 
  EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE 
  CAPITAL, BEFORE AND AFTER ADMISSION (underlining 
  the first name by which each is known or including 
  any other name by which each is known): 
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  Shareholder                          Ordinary         Ordinary 
                                         Shares            Shares 
                                      Pre Admission    Post Admission 
   Kestrel Partners LLP*                 21.40%           16.36% 
   Bill Dobbie                           20.61%            8.51% 
   Richard Griffiths & controlled 
    undertakings                         12.67%            5.23% 
   Hargreaves Lansdown                   5.00%             2.06% 
   SPARK Ventures plc                    4.90%             2.02% 
   MXC Capital                             -%             24.92% 
   Coltrane Asset Management               -%              6.44% 
   Elevage Limited                         -%              3.86% 
   Liontrust Asset Management              -%              3.58% 
   Henderson Volantis                      -%              3.22% 
 
  * Max Royde, Non-Executive Director of the Company 
  is Chief Executive Officer of Kestrel Partners 
  LLP 
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 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
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              N/A 
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 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION 
  IN THE ADMISSION DOCUMENT HAS BEEN PREPARED 
  (this may be represented by unaudited interim 
  financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST 
  THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: 
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             (i) 31 December 
 
             (ii) Selection - 30 June 2015 (audited), 
             Company -30 June 2015 (unaudited interims), 
             31 December 2014 (audited) 
 
             (iii) Final results to 31 December 2015 by 31 
             March 2016, 
             Half year results to 30 June 2016 by 30 September 
             2016, 
             Final results to 31 December 2016 by 30 June 
             2017. 
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 EXPECTED ADMISSION DATE: 
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 21 January 2016 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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 N+1 Singer 
  1 Bartholomew Lane, 
  London 
  EC2N 2AX 
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 NAME AND ADDRESS OF BROKER: 
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 N+1 Singer 
  1 Bartholomew Lane, 
  London 
  EC2N 2AX 
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 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, 
  DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) 
  THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, 
  WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION 
  OF ITS SECURITIES: 
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 A copy of the admission document containing 
  full details about the applicant and the admission 
  of its securities will be available on the Company's 
  website at www.castlestreetinvestments.com 
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 DATE OF NOTIFICATION: 
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 6 January 2016 
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 NEW/ UPDATE: 
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 NEW 
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This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

January 06, 2016 03:00 ET (08:00 GMT)

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