REG - AssetCo PLC - Proposed sub-division of issued share capital

AssetcoAnnouncement

22/07/2022 07:00

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RNS Number : 3732T  AssetCo PLC  22 July 2022

LEI: 213800LFMHKVNTZ7GV45

22 JULY 2022

ASSETCO PLC

("AssetCo" or the "Company")

POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING

PROPOSED SUB-DIVISION OF THE ISSUED SHARE CAPITAL AND CANCELLATION OF THE
SHARE PREMIUM ACCOUNT

Consistent with the previously stated intention, the Company announces that it
is today posting a circular to shareholders (the "Circular") in connection
with a proposed sub-division of its Existing Ordinary Shares (with each
Existing Ordinary Share being divided into ten New Ordinary Shares) and the
cancellation of the amount currently standing to the credit of the Company's
share premium account.

The closing middle market price of an Existing Ordinary Share on 21 July 2022
(being the latest practicable date prior to the publication of this
announcement) was 770.0p.  The Sub-Division is being proposed in response to
Shareholder feedback on the liquidity and marketability of the Existing
Ordinary Shares and aims to improve the marketability of the Company's shares
to retail investors, noting the recent increase in the number of retail
Shareholders on the Company's share register. The Board believes that the
proposed Sub-Division will reduce the Company's share price to a level where
smaller sized dealings would be more efficient, and that this may improve the
liquidity and marketability of the New Ordinary Shares to a wider group of
investors as well as reduce the bid/offer spread.

At the same time the opportunity is being taken to cancel the amount standing
to the credit of the Company's share premium account.  The Company intends to
adopt a progressive dividend policy and has stated that it intends to pay a
dividend of 13.0 pence per Existing Ordinary Share (which would equate to 1.3
pence per New Ordinary Share following the Sub-Division) in Q4 2022.  Should
the relevant Resolution be passed at the General Meeting, application will be
made to the Court to confirm the cancellation of the share premium account and
thereby create a special reserve that will be distributable and available to
support the Company's progressive dividend policy.

The Circular contains a notice of a general meeting of the Company to be held
at 11.00 am on 10 August 2022 at the offices of Gowling WLG (UK) LLP, 4 More
London Riverside, London SE1 2AU at which resolutions necessary to implement
the proposals described above will be proposed.

The Key Statistics and Expected Timetable of Principal Events are set out in
the Appendix to this announcement.

Capitalised terms used but not defined in this announcement have the meanings
given to them in the Circular. A copy of the Circular will shortly be
available for inspection on the Company's website at
 www.assetco.com/investor-relations/documents/
(http://www.assetco.com/investor-relations/documents/) .

Enquiries:

 

 AssetCo plc                                           +44 (0) 79 5800 5141
 Campbell Fleming

 Peter McKellar

 James Thorneley

 Numis -Nominated Adviser and Joint Broker to AssetCo  +44 (0) 20 7260 1000

 Giles Rolls

 Charles Farquhar

 Panmure Gordon - Joint Broker to AssetCo              +44 (0) 20 7886 2906

 Charles Leigh-Pemberton

 Atholl Tweedie

 Gabriel Hamlyn

 Maitland/AMO - PR Adviser to AssetCo                  +44 (0) 20 7379 5151

 Neil Bennett

 Rachel Cohen

 

APPENDIX

KEY STATISTICS

 Number of Existing Ordinary Shares in issue                        14,918,229
 ISIN code for the Existing Ordinary Shares                         GB00B42VYZ16
 SEDOL code for the Existing Ordinary Shares                        B42VYZ1
 Number of New Ordinary Shares in issue following the Sub-Division  149,182,290
 ISIN code for the New Ordinary Shares                              GB00BQ2K3557
 SEDOL code for the New Ordinary Shares                             BQ2K355
 TIDM                                                               ASTO
 LEI                                                                213800LFMHKVNTZ7GV45

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 

                                                                              2022
 Date of publication of Circular                                              22 July
 Latest time and date for receipt of Forms of Proxy                           11.00 a.m. on 8 August
 General Meeting                                                              11.00 a.m. on 10 August
 Record date for the Sub-Division and disablement in CREST of the Existing    6.00 p.m. on 10 August
 Ordinary Shares
 Admission of the New Ordinary Shares to trading on AIM expected to commence  8.00 a.m. on 11 August
 Expected date of crediting CREST accounts with New Ordinary Shares           At or soon after 8.00 a.m. on 11 August
 Expected date by which certificates in respect of New Ordinary Shares in     By 25 August
 certificated form to be dispatched
 All references to times and dates in this announcement are to London time.
 Each of the times and dates in this announcement is subject to change.  If
 any of the above times and/or dates change, the revised time and/or date will
 be notified to Shareholders through a regulatory information service.

 

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