REG - Blancco Tech Grp PLC - Proposed Cancellation of Shares to Trading on AIM

Blancco TechnologyAnnouncement

19/10/2023 15:45

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RNS Number : 7169Q  Blancco Technology Group PLC  19 October 2023

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FOR IMMEDIATE RELEASE

 

19 October 2023

 

 

 

Blancco Technology Group plc

 

(the "Company" or "Blancco")

 

Proposed Cancellation of Admission of the Shares to Trading on AIM

 

 

Further to the announcement made on 16 October 2023 on the Offer made by Bidco
for the entire issued and to be issued share capital of Blancco becoming
unconditional, the Board of Blancco Technology Group plc (AIM: BLTG) today
announces that it has made an application to the London Stock Exchange for the
proposed cancellation of the admission to trading of the Company's ordinary
shares on AIM (the "Cancellation"), in accordance with Rule 41 of the AIM
Rules for Companies.

 

Under the AIM Rules, the Cancellation can only take place after the expiry of
a period of twenty business days from the date on which notice of the
Cancellation is given. It is therefore expected that Cancellation will occur
on the 17 November 2023.

 

Following the Cancellation becoming effective and the Blancco Shares ceasing
to be admitted to trading on AIM, Blancco Shareholders who have not accepted
the Offer will own shares in an unlisted company and accordingly will not
benefit from the protections under the AIM Rules that were afforded to them
whilst Blancco was so admitted.

 

The Offer will remain open for acceptance until further notice. At least 14
days' notice will be given by an announcement before the Offer is closed.
Subject to giving at least 14 days' notice, Bidco can close the Offer at any
point, following which Shareholders who have not accepted the Offer will be
unable to accept the Offer.

Blancco has been informed that Bidco intends, promptly following Cancellation,
to procure that Blancco shall be re-registered as a private company. Blancco
has also been informed that Bidco does not intend to put in place a matched
bargain facility upon which Blancco Shares can be traded.

 

The cancellation of trading in Blancco Shares on AIM will significantly
reduce the liquidity and marketability of any Blancco Shares in respect of
which the Offer has not been accepted at that time. Any remaining Blancco
Shareholders will become minority shareholders in a majority controlled
private limited company and may therefore be unable to sell their Blancco
Shares. There can be no certainty that Blancco will pay any further
dividends or other distributions or that such minority Blancco Shareholders
will again be offered an opportunity to sell their Blancco Shares on terms
which are equivalent to or no less advantageous than those under the Offer.
Also, following the Offer closing, Blancco Shareholders may not be able to
sell their shares in the Company.

 

Capitalised terms and expressions used but not defined in this announcement
have the same meanings as given to them in the Offer Document published by
Bidco and dated 8 August 2023.

 

 

Enquiries:

 

 Blancco Technology Group plc                                                        Via Buchanan

 Rob Woodward, Chair

 Matt Jones, Chief Executive Officer

 Adam Moloney, Chief Financial Officer

 Rothschild & Co (Lead Financial Adviser under Rule 3 of the Takeover Code           Tel: +44 (0) 20 7280 5000
 to Blancco)

 Warner Mandel

 Anton Black

 Stifel Nicolaus Europe Limited (Joint Financial Adviser and Corporate Broker

 to Blancco)                                                                         Tel: +44 (0) 20 7710 7600

 Nick Adams

 Nick Harland

 Richard Short

 Ben Burnett

 Buchanan Communications Limited (PR adviser to Blancco)                             Tel: +44 (0) 20 7466 5000

 Chris Lane / Jack Devoy

 

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