REG - Advancedadvt Limited - Acquisitions and Suspension of Listing

AdvancedAdvTAnnouncement

08/06/2023 07:45

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RNS Number : 0880C  Advancedadvt Limited  08 June 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

 

8 June 2023

AdvancedAdvT Limited

 

Acquisitions for £33 million

 

Suspension of Listing

 

AdvancedAdvT Limited (LSE: ADVT, the "Company") has conditionally agreed to
acquire the entire issued and outstanding share capital of five software
businesses (the "Acquisitions") from Capita plc for a combined enterprise
value of approximately £33 million in cash.

 

In addition to organic growth, the Acquisitions will create a platform to
develop the Company by exploring growth opportunities in synergistic sectors
and by targeted investment and M&A activities.

 

In the year ended 31 December 2022, the Acquisitions generated a total revenue
of approximately £35 million, with approximately 74% of the revenue being
recurring or from Software-as-a-Service (SaaS).

 

The transaction will be funded by the Company's cash reserves.

 

The acquired businesses include:

·    CIBS - Financial and Business Solutions for public and private
sectors

·    CHKS and Synaptic - Governance Risk and Compliance (GRC) for the
Healthcare and Financial Services sectors

·    Retain/WFM - Global Professional Services and Workforce Automation
Software for Private and Public Sectors

 

The Acquisitions are subject to and conditional upon National Security and
Investment Act approval.

 

Vin Murria, Chairperson, commented:

 

"We are delighted to start our next journey with the great teams from across
these businesses and look forward to working with them.

 

"As has been our model in previous vehicles, ADVT will support the teams in
delivering strong new organic growth - both in existing sectors as well as new
areas including data, analytics, managed service and digital transformation
opportunities.  Equally, we are excited to drive new opportunities and with a
substantial war chest, the business is well placed to execute M&A that is
both synergistic and accretive over the longer term."

 

Share suspension

The Acquisitions, if completed, would constitute a reverse takeover under the
Listing Rules and accordingly the Company would need to apply for re-admission
of its shares to the Official List. As the Company is currently unable to
provide full disclosure under Listing Rule 5.6.15, at the request of the
Company the Financial Conduct Authority has suspended the Company's listing in
its shares on the standard segment of the Official List and trading from the
London Stock Exchange with immediate effect, pending the publication of a
prospectus providing further detail on CIBS, CHKS, Synaptic and Retain/WFM and
the Company as enlarged by the Acquisitions.

 

In the event the Acquisitions do not proceed the Company will seek the lifting
of its suspension from the standard segment of the Official List and trading
on the London Stock Exchange.

 

There can be no certainty that the Acquisitions will take place. Further
announcements and updates will be made in due course.

 

Enquiries:

 

 AdvancedAdvT Limited
 Vin Murria                        c/o Meare Consulting

 Meare Consulting
 Adrian Duffield                   Tel: 07990 858548

 Singer Capital Markets (Broker)   Tel: 020 7496 3000
 Phil Davies
 George Tzimas

 KK Advisory (Investor Relations)  Tel: 020 7039 1901
 Kam Bansil

 

Further information on the Company can be found on its website at
www.advancedadvt.com (http://www.advancedadvt.com) . Neither the content of
the Company's website, nor the content on any website accessible from
hyperlinks on its website or any other website, is incorporated into, or forms
part of, this announcement nor, unless previously published by means of a
recognised information service, should any such content be relied upon in
reaching a decision as to whether or not to acquire, continue to hold, or
dispose of, securities in the Company.

 

 

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