Sch 1 update - Harvard International plc
23 Octobre 2009 - 4:58PM
UK Regulatory
TIDMHAR
RNS Number : 3224B
AIM
23 October 2009
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| 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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| |
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| COMPANY NAME: |
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| Harvard International plc |
| |
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| COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING |
| ADDRESS (INCLUDING POSTCODES) : |
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| Harvard House |
| The Waterfront |
| Elstree Road |
| Elstree, |
| Hertfordshire, WD6 3BS |
| |
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| COUNTRY OF INCORPORATION: |
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| England and Wales |
| |
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| COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE |
| 26: |
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| www.harvardplc.com |
| Website will be made Rule 26 compliant in due course and prior to |
| admission onto AIM. The Company has been briefed with Rule 26 requirements |
| |
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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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| Harvard International plc ("Harvard" or the "Group") is listed on the |
| Official List of the London Stock Exchange with a market capitalisation of |
| c. GBP29 million. |
| Harvard is a distributor of consumer electrical goods in the UK and |
| Australia (under the Goodmans, Grundig and other brands). The Group's |
| activities are focused on the UK and Australian consumer electronics |
| markets, supported by ancillary operations in Hong Kong and China. The |
| management's strategy will continue to be to identify and exploit |
| local market opportunities. |
| |
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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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| 51,256,685 Ordinary Shares of 10p each |
| |
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| CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET |
| CAPITALISATION ON ADMISSION: |
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| No new capital to be raised on Admission |
| Anticipated market capitalisation on Admission c. GBP29 million. |
| |
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| PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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| Total Shares not in public hands - 75.93% |
| |
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| DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM |
| SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR |
| TRADED: |
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| NA |
| |
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| |
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| Current Directors and Proposed Directors: |
| Bridget Blow (Chairman) |
| Paul Selway-Swift (Senior Non-Executive Director) |
| Anthony Shearer (Non-Executive Director) - Tony |
| Daniel Harris (Non-Executive Director) |
| Michael Ashley (Chief Executive Officer) - Mike |
| |
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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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| NameHoldings (Percentage of Ordinary Shares)* |
| GAMLondon Limited 15.97 |
| Schroder plc 13.12 |
| Daniel Harris13.11 |
| Legal & General Investment Management Ltd11.96 |
| Mrs. A J Kaye, sister of Daniel Harris 11.37 |
| Mr. J E Harris, father of Daniel Harris 10.36 |
| Gartmore Investment Limited 5.11 |
| Pailex Securities International Inc 4.94 |
| *Holdings as at 19 October 2009 |
| |
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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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| UHY Hacker Young |
| Investec Bank |
| BDO Stoy Hayward |
| Hammonds |
| Latham & Watkins |
| College Hill |
| Hauck Patent |
| |
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| * ANTICIPATED ACCOUNTING REFERENCE DATE * |
| DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS |
| BEEN PREPARED (this may be represented by unaudited interim financial |
| information)* |
| DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM |
| RULES 18 AND 19: |
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| * 31 March* |
| NA * |
| Following Admission date: |
| interim accounts to half-year |
| ended 30 September 2009 - 31 |
| December 2009 |
| annual accounts to financial year |
| ended 31 March 2010 - 30 September |
| 2010 |
| interim accounts to half-year ended |
| 30 September 2010 - 31 December 2010 |
| |
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| EXPECTED ADMISSION DATE: |
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| 29 October 2009 |
| |
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| NAME AND ADDRESS OF NOMINATED ADVISER: |
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| Investec Investment Banking |
| a division of Investec Bank plc |
| 2 Gresham Street |
| London |
| EC2V 7QP |
| |
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| NAME AND ADDRESS OF BROKER: |
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| Investec Investment Banking |
| a division of Investec Bank plc |
| 2 Gresham Street |
| London |
| EC2V 7QP |
| |
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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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| NA |
| |
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| DATE OF NOTIFICATION: |
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| 23 October 2009 |
| |
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| NEW/ UPDATE: |
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| UPDATE |
| |
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| QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: |
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| |
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| THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH THE APPLICANT'S |
| SECURITIES HAVE BEEN TRADED: |
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| The London Stock Exchange's market for shares admitted to the Official |
| List of the UKLA |
| |
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| THE DATE FROM WHICH THE APPLICANT'S SECURITIES HAVE BEEN SO TRADED: |
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| 1 October 1987 |
| |
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| CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL ENQUIRY, THE APPLICANT HAS |
| ADHERED TO ANY LEGAL AND REGULATORY REQUIREMENTS INVOLVED IN HAVING ITS |
| SECURITIES TRADED UPON SUCH A MARKET OR DETAILS OF WHERE THERE HAS BEEN |
| ANY BREACH: |
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| The Company confirms that it has adhered to the legal and regulatory |
| requirements involved in having securities listed on the UKLA Official |
| List and admitted to trading on London Stock Exchange plc's market for |
| listed securities |
| |
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| AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS OR ANNOUNCEMENTS WHICH |
| THE APPLICANT HAS MADE PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE OF |
| HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE: |
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| www.harvardplc.com |
| |
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| DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE |
| CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING STRATEGY: |
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| The Group's activities are focused on the UK and Australian consumer |
| electronics markets, supported by ancillary operations in Hong Kong and |
| China. The management's strategy will continue to be to identify and |
| exploit local market opportunities. |
| |
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| A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION |
| OF THE APPLICANT, WHICH HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL |
| PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN PUBLISHED: |
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| There has been no significant change in the financial or trading position |
| of the Group since 31 March 2009, being the date to which the last audited |
| financial information has been published, other than the disposal of the |
| Company's Medical Division and Property Assets as disclosed in the |
| Circular to Shareholders dated 4 September 2009. The disposal of the |
| Medical Division and Property Assets subsequently completed on 30 |
| September 2009. The Circular in relation to the Medical Division Disposal |
| and Property Assets can be found on the Company's website at: |
| http://miranda.hemscott.com/ir/aba/pdf/Final_Circular07sept09.pdf |
| In addition to the above, the Board of Harvard announces that it has |
| reached an out of court settlement of the MPEG-2 Litigation. |
| In March 2008, certain companies which license their MPEG-2 essential |
| patents through MPEG LA, LLC ("the Claimants") instigated legal |
| proceedings against the Company in relation to alleged patent infringement |
| in respect of the prior importation of two models of MPEG-2 enabled DVD |
| players. In July 2009, the Claimants amended their claim to include all |
| relevant products sold by the Group. |
| The potential liability of the Group in respect of the litigation was |
| unquantifiable but the Board believed that the largest foreseeable award |
| against the Group in the UK was approximately US$8 million (c.GBP5 |
| million) as outlined in the Circular to Shareholders dated 4 September |
| 2009. Taking into account the legal expenses of the litigation, the amount |
| of management time that was being committed and the uncertainty of any |
| particular outcome, the Board decided to seek a settlement. |
| The following settlement has now been agreed. Harvard will make a payment |
| of US$10 million by no later than 1 January 2010 in respect of all |
| products sold prior to that date and has entered into a license agreement |
| in respect of any sales of products requiring an MPEG-2 license from MPEG |
| LA, LLC from 1 January 2010. The settlement will cover Harvard and its |
| subsidiaries on a global basis and not just in the UK. |
| As at 31 March 2009 the Group had made a provision of GBP3 million against |
| the expected cost of the MPEG-2 litigation. The provision had been made as |
| part of the discontinued business of the Bush and Alba brands, which were |
| disposed of in January 2009. A further charge of GBP4.7 million is |
| expected to be incurred during the year ended 31 March 2010 in respect of |
| the MPEG-2 litigation which will be treated as part of the discontinued |
| business of the Bush and Alba brands. |
| As at 30 June 2009 the Group had net cash balances of GBP20.6 million and |
| on 30 September the Group completed the sale of its surplus properties and |
| its medical division for GBP10.0 million which was paid in cash at |
| completion. The settlement of $10 million (c.GBP6.1 million) due by 1 |
| January 2010 will be paid from the Group's existing cash resources. |
| On 1 October 2009 the Company confirmed its intention to move the trading |
| of its shares from the Official List to AIM. The settlement of the MPEG-2 |
| Litigation will not impact on the move to AIM and the final day of |
| dealings on the Official List is still expected to be 28 October 2009 and |
| the first day of trading on AIM to be 29 October 2009. |
| The announcement in relation to the Settlement can be found on the |
| Company's website at: |
| http://miranda.hemscott.com/servlet/HsPublic?context=ir.access.jsp&ir_client_id=1687&ir_option=RNS_HEADLINES&transform=newsSearch&sidenav=default&footer=1 |
| |
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| A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON TO BELIEVE |
| THAT THE WORKING CAPITAL AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT |
| FOR AT LEAST TWELVE MONTHS FROM THE DATE OF ITS ADMISSION: |
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| The board of directors of the Company have no reason to believe that the |
| working capital available to it or its group will be insufficient for at |
| least twelve months from the date of its admission to trading on AIM |
| |
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| DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES: |
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| None |
| |
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| A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR SETTLING THE APPLICANT'S |
| SECURITIES: |
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| Shares that are held in uncertificated form will continue to be held and |
| dealt through CREST. Share certificates representing those Shares held in |
| certificated form will continue to be valid and no new share certificates |
| will be issued. |
| |
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| A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING TO THE APPLICANT'S |
| SECURITIES: |
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| www.harvardplc.com |
| |
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| INFORMATION EQUIVALENT TO THAT REQUIRED FOR AN ADMISSION DOCUMENT WHICH IS |
| NOT CURRENTLY PUBLIC: |
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| The Company confirms that there is no information equivalent to that |
| required for an Admission Document (as defined in the AIM Rules) which is |
| not currently in the public domain. |
| |
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| A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S LATEST ANNUAL |
| REPORT AND ACCOUNTS WHICH MUST HAVE A FINANCIAL YEAR END NOT MORE THEN |
| NINE MONTHS PRIOR TO ADMISSION AND INTERIM RESULTS WHERE APPLICABLE. THE |
| ACCOUNTS MUST BE PREPARED IN ACCORDANCE WITH ACCOUNTING STANDARDS |
| PERMISSIBLE UNDER AIM RULE 19: |
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| www.harvardplc.com |
| |
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| THE NUMBER OF EACH CLASS OF SECURITIES HELD IN TREASURY: |
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| None |
| |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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