REG - Selkirk Group PLC - Admission to AIM and First Day of Dealings
07/11/2024 07:00
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RNS Number : 2681L Selkirk Group PLC 07 November 2024
"THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTIED AND IS
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7 November 2024
Selkirk Group PLC
("Selkirk" or the "Company")
Admission to Trading on AIM and First Day of Dealings
Selkirk, an investing company established to acquire an undervalued company or
business in the UK, is pleased to announce the admission of its ordinary
shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") on
the London Stock Exchange's AIM Market ("AIM") ("Admission").
Key Highlights:
· Fundraising raised gross proceeds of approximately £7.5 million.
· Based on the issue price of 2.4p, the market capitalisation of
the Company will be approximately £10 million at Admission.
· Following Admission the Company will have 415,937,487 Ordinary
Shares in issue.
· Dealings in the Ordinary Shares will commence at 8.00 a.m. today
under the ticker "AIM:SELK".
Selkirk Strategy
Selkirk has been established with the primary objective of acquiring a company
or business which the directors believe is undervalued and providing it with
its own quotation or listing or acquiring an existing public company and
providing a highly incentivised management team with strategic direction. Many
of these target companies may currently operate as subsidiaries of larger
organisations, and an independent stock market quotation or listing could help
unlock material value to create shareholder value. The Company is focused on
acquiring a business which is headquartered in the United Kingdom. The
directors intend to raise equity and/or debt finance to fund the acquisition
of a target company or business, as required, and focus on enhancing
shareholder value over the long term.
The Company is primarily focused on the small and mid-cap category,
specifically within the consumer, technology and digital media related
sectors, including retail, software and digital sub-sectors. The directors
believe this underappreciated segment offers ample opportunity to identify a
suitable business, whether it is a privately held company, a subsidiary of a
larger listed company or an existing public company. The Company intends to
prioritise innovation and strategic agility as essential drivers for unlocking
hidden value and realising the full potential of target acquisitions.
The Selkirk team have a proven track record in strategic investing and working
closely with the management teams and have extensive experience in
identifying, evaluating, and executing opportunities; both quoted and
unquoted, and creating value for stakeholders. The directors believe that
Selkirk is positioned to deliver private equity style returns on the public
market, utilising AIM's flexible framework to capitalise on growth
opportunities.
The Company intends to methodically identify and develop opportunities as
quickly and prudently as possible. With the directors' and management's
extensive network and experience, the Board is confident in its ability to
identify and deliver a transaction within eighteen months.
It is anticipated that returns to Selkirk shareholders will be delivered
through a combination of an appreciation in the Company's share price and, if
appropriate, annual dividends paid out of retained earnings (following
completion of the first acquisition) as well as return of cash to shareholders
following any disposal of any assets.
The Company and its directors are not currently in discussions with any
specific target company regarding an acquisition.
Zeus Capital Limited ("Zeus") is acting as Nominated Adviser and Sole Broker
to the Company in relation to the Admission.
Iain McDonald, Executive Chair, Selkirk, said:
"We believe that some of the most promising and undervalued companies are
hidden within UK-listed conglomerates and our goal is to unlock the potential
of such businesses in the technology, consumer, or digital media sectors. We
have assembled an experienced management team and board, which we plan to
expand and deepen further when we identify a target.
"We are delighted to have completed our admission to AIM and I would like to
thank and welcome our new and existing shareholders. We have chosen to IPO on
AIM because, despite the prevailing negative narrative, AIM is still a very
attractive market for small, fast-growing companies. We are confident in our
ability to deliver on the opportunities ahead and I look forward to providing
updates on our progress as our business develops."
ENDS
For further information please contact:
Selkirk PLC Via Camarco
Iain McDonald info@selkirkplc.com (mailto:info@selkirkplc.com)
Zeus (Nominated Adviser and Broker) +44 (0) 20 3829 5000
Nick Cowles, Dan Bate, Louisa Waddell, John Moran
Camarco +44 (0) 20 3757 4980
Billy Clegg, Tom Huddart, Letaba Rimell selkirk@camarco.co.uk
Notes to Editors
Selkirk Group Plc is an investing company established with the primary
objective of acquiring a company or business which the directors believe is
undervalued and providing it with a quotation or listing or acquiring an
existing public company and providing a highly incentivized management team
with strategic direction. The Company is focused on acquiring a business which
is headquartered in the United Kingdom. The directors have extensive
experience in identifying, evaluating, and executing opportunities; both
quoted and unquoted, and creating value for stakeholders. To find out more
visit: www.selkirkplc.com.
IMPORTANT NOTICES:
This announcement does not constitute or form part of any offer for sale or
subscription or any solicitation of any offer to buy or subscribe for any
securities and neither this announcement nor any part of it forms the basis of
or may be relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
The information contained in this announcement is for background purposes only
and does not purport to be full or complete, nor does this announcement
constitute or form part of any invitation or inducement to engage in
investment activity. No reliance may be placed by any person for any purpose
on the information contained in this announcement or its accuracy, fairness or
completeness. The contents of this announcement are not to be construed as
legal, financial or tax or other advice or takes into account the particular
investment objectives, financial situation, taxation position or needs of any
person.
Recipients of this announcement who intend to purchase or subscribe for shares
in Company are reminded that such purchase or subscription should be made
solely on the basis of the information contained in the Admission Document
published by the Company which is available at www.selkirkplc.com (subject to
certain access restrictions).
This announcement is not for publication, release or distribution, in whole or
in part, directly or indirectly, in or into or from the United States
(including its territories and possessions, any state of the United States and
the District of Columbia), Australia, Canada, Japan, Republic of South Africa
or New Zealand or any other state or jurisdiction where to do so would
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This announcement and the information contained herein is not intended to and
does not contain or constitute an offer of, or the solicitation of an offer to
buy or subscribe for, securities to any person in the United States,
Australia, Canada, Japan, the Republic of South Africa or New Zealand or any
other state or jurisdiction in which such an offer would be unlawful.
The Ordinary Shares have not been and will not be registered under the US
Securities Act, or under the securities laws of any state or other
jurisdiction of the United States, and may not be offered or sold, directly or
indirectly, in the United States or to, or for the account or benefit of, US
persons (as defined in Regulation S under the US Securities Act of 1933, as
amended (the "US Securities Act")) absent registration except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the US Securities Act and otherwise in accordance with any
applicable securities laws of any state or other jurisdiction of the United
States. There will be no offering of the Ordinary Shares in the United States.
This announcement contains statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements involve known
and unknown risks and uncertainties, many of which are beyond the Group's
control and all of which are based on the Directors' current beliefs and
expectations about future events. In some cases, these forward-looking
statements can be identified by the use of forward-looking terminology,
including, without limitation, the terms "anticipates", "believes", "could",
"envisages", "estimates", "expects", "intends", "may", "plans", "projects",
"should", "will" or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements relate to matters
that are not historical facts. They include statements regarding the
intentions, beliefs and current expectations of the Company or the Directors
concerning, amongst other things, the results of operations, financial
condition, liquidity, prospects, growth and strategies of the Company and the
industry in which the Group operates. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance. The
actual results, performance or achievements of the Company or developments in
the industry in which the Group operates may differ materially from the future
results, performance or achievements or industry developments expressed or
implied by the forward-looking statements contained in this announcement.
These forward-looking statements and other statements contained in this
announcement regarding matters that are not historical facts involve
predictions. No assurance can be given that such future results will be
achieved; actual events or results may differ materially as a result of risks
and uncertainties facing the Group. Such risks and uncertainties could cause
actual results to vary materially from the future results indicated, expressed
or implied in such forward-looking statements.
Each of the Company and Zeus, and their respective affiliates, expressly
disclaims any obligation or undertaking to update, review or revise any
forward-looking statements contained in this announcement and disclaims any
obligation to update its view of any risks or uncertainties described herein
or to publicly announce the results of any revisions to the forward-looking
statements made in this announcement, whether as a result of new information,
future developments or otherwise, except as required by law.
Certain figures contained in this announcement, including financial
information, have been subject to rounding adjustments. Accordingly, in
certain instances, the sum or percentage change of the numbers contained in
this announcement may not conform exactly with the total figure given.
This announcement does not constitute a recommendation concerning Admission or
the Ordinary Shares. The value of Ordinary Shares and the income from them is
not guaranteed and can fall as well as rise due to stock market and currency
movements. On any sale of an investment an investor may get back less than he
or she originally invested. Potential investors should consult a professional
adviser as to the suitability of the Ordinary Shares for the person concerned
before making any investment decision. Past performance cannot be relied upon
as a guide to future performance.
Neither Zeus, nor any of its affiliates, their respective directors, officers
or employees, advisers, agents or any other person accepts any responsibility
or liability whatsoever for the contents of, or makes any representations or
warranties, express or implied, as to the accuracy, fairness or completeness
of the information presented or contained in this announcement (or whether any
information has been omitted from this announcement) or any other information
relating to the Company, its subsidiaries and their associated companies,
whether written, oral or in a visual or electronic form, and howsoever
transmitted or made available or for any loss howsoever arising from any use
of this announcement or its contents or otherwise arising in connection
therewith. Accordingly, Zeus, its affiliates, their respective directors,
officers or employees, and any other person acting on their behalf expressly
disclaims, to the fullest extent possible, any and all liability whatsoever
for any loss howsoever arising from, or in reliance upon, the whole or any
part of the contents of this announcement, whether in tort, contract or
otherwise which they might otherwise have in respect of this announcement or
its contents or otherwise arising in connection therewith.
Zeus, which is authorised and regulated by the FCA in the United Kingdom, is
acting exclusively for the Company and no-one else in connection with the
possible Admission. Zeus will not regard any other person as its client in
relation to the possible Admission and will not be responsible to anyone other
than the Company for providing the protections afforded to its clients, nor
for providing advice in relation to the possible Admission, the contents of
this announcement or any transaction, arrangement or other matter referred to
herein.
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links available from the Company's website are not incorporated by reference
into, and do not form part of, this announcement.
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