REG - In The Style Group - Completion of Sale and Change of Name

ItsarmAnnouncement

27/03/2023 11:30

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RNS Number : 3320U  In The Style Group PLC  27 March 2023

For immediate release

27 March 2023

 

In The Style Group plc

Completion of Sale

Change of name to Itsum plc

 

In The Style Group plc (AIM: ITS) ("In The Style" or the "Company"), announces
that, further to the Company's announcement on 24 March 2023 that Shareholders
had approved the Sale, the Sale completed earlier today and that the board of
directors of the Company (the "Board") has accordingly resolved to change the
Company's name to Itsum plc.  The Company's TIDM, "ITS", remains unchanged.

The resignations of each of Adam Frisby, Nancy Cruickshank, Adam Bellamy and
Matthew Scaife have also now become effective.  The Board now comprises Jim
Sharp and Richard Monaghan.

As set out in the Circular, the Company intends, as soon as practicable, to
implement a members voluntary liquidation ("MVL") of the Company in order to
distribute the net proceeds of the Sale received by it.  However, while these
net proceeds are expected to be approximately £500,000, the Company will need
to deduct the additional costs and expenses associated with the MVL, as well
as the general administrative costs of now having to remain an AIM-quoted
company, before the distribution of any residual value can be made to
Shareholders.

The Company is now an AIM Rule 15 cash shell, with no operating business.  As
the Company does not intend to enter into a Rule 14 Transaction, the Company's
Ordinary Shares will be suspended from trading on AIM six months after
Completion (being 27 September 2023), pursuant to Rule 40 of the AIM Rules, if
the MVL has not been concluded by that date.  Admission to trading on AIM
will be cancelled six months from the date of suspension.

A further announcement confirming the proposed change of name and details of
the Company's new website will be made in due course.

Capitalised terms used in the Company's announcement released at 7.00 a.m. on
7 March 2023 shall, unless the context provides otherwise, have the same
meanings in this announcement.

Enquiries:

 

In The Style Group
plc
Via Hudson Sandler

Jim Sharp, Chairman

Rich Monaghan, Chief Financial Officer

 

Hudson
Sandler
+44 (0)20 7796 4133

Alex
Brennan
inthestyle@hudsonsandler.com

Ben Wilson

 

Lincoln International LLP (Financial
Adviser)                           +44 (0)20 7022
9880

Harry Kalmanowicz

Julian Tunnicliffe

 

Liberum Capital Limited (Nomad and
Broker)                           +44 (0)20 3100
2000

Clayton Bush

Scott Mathieson

Miquela Bezuidenhoudt

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