REG - Advancedadvt Limited - Completion of Acquisitions

AdvancedAdvTAnnouncement

01/08/2023 07:00

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RNS Number : 8090H  Advancedadvt Limited  01 August 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.

 

1 August 2023

AdvancedAdvT Limited

Completion of Acquisitions

 

AdvancedAdvT Limited (LSE: ADVT, the "Company") has completed the acquisition
of the entire issued and outstanding share capital of five software businesses
(the "Acquisitions") from Capita plc.

 

On 8 June 2023, the Company announced it had entered into an agreement to pay
a combined enterprise value of approximately £33 million in cash for the
Acquisitions, funded by the Company's cash reserves.

 

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 Acquisitions were conditional upon National Security and Investment Act
approval, which has been received.

 

Share suspension

 

The Acquisitions constitute a reverse takeover under the Listing Rules and
accordingly the Company will need to apply for re-admission of its shares to
the Official List. Until such time as the Company is able to provide full
disclosure under Listing Rule 5.6.15, the Company's shares will remain
suspended on the standard segment of the Official List and trading from the
London Stock Exchange.

 

The Company is considering making an application for admission of the
Company's shares to trading on AIM, which would necessitate the publication of
an admission document and compliance with customary regulatory requirements.

 

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
 Asha Chotai
 Sam Butcher

 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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