TIDMAVG

RNS Number : 4606P

AIM

31 August 2017

 
                  ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT 
                   PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 
                   OF THE AIM RULES FOR COMPANIES ("AIM RULES") 
-------------------------------------------------------------------------------- 
 
 COMPANY NAME: 
-------------------------------------------------------------------------------- 
 Avingtrans plc ("Avingtrans", the "Existing 
  Group" or the "Company") 
-------------------------------------------------------------------------------- 
 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
-------------------------------------------------------------------------------- 
 Chatteris Business Park, Chatteris, Cambridgeshire 
  PE16 6SA 
-------------------------------------------------------------------------------- 
 COUNTRY OF INCORPORATION: 
-------------------------------------------------------------------------------- 
 UK 
-------------------------------------------------------------------------------- 
 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
-------------------------------------------------------------------------------- 
 www.avingtrans.plc.uk 
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 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF 
  OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, 
  DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION 
  IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER 
  UNDER RULE 14, THIS SHOULD BE STATED: 
-------------------------------------------------------------------------------- 
 Admission is being sought as a result of the 
  proposed reverse takeover of Hayward Tyler Group 
  plc ("HTG" or the "HTG Group" and, following 
  completion of the acquisition by Avingtrans, 
  the "Enlarged Group"). The Company's main country 
  of operation is the UK. 
 
  Information on Avingtrans 
  Avingtrans is a precision engineering group, 
  operating in differentiated, specialist niches 
  in the supply chains of engineering original 
  equipment manufacturers. Its core strategy is 
  to buy and build market-leading niche positions 
  in its chosen market sectors (currently energy 
  and medical) and then ultimately divest in order 
  to deliver shareholder value. 
 
  The Existing Group's current operations are 
  focused on safety critical equipment for the 
  energy and medical markets. The Directors are 
  developing the Existing Group's position as 
  a supplier of energy industry process modules, 
  vertically integrating this capability with 
  the vessel manufacturing capability at Metalcraft. 
  This same vertical integration capability lends 
  itself to the nuclear decommissioning, life 
  extension and "new nuclear" markets, as well 
  as a variety of other niches in the renewable 
  energy sector. 
 
  Information on HTG 
  HTG Group is focused on delivering performance-critical 
  solutions to meet current and future global 
  energy needs. It designs, engineers, manufactures 
  and services performance-critical motor, pumping 
  and power solutions across the global energy 
  sector. HTG Group has two businesses; Hayward 
  Tyler and Peter Brotherhood, which employ over 
  500 staff globally and trade from facilities 
  in the UK, the USA, China and India. 
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 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING 
  ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES 
  (i.e. where known, number and type of shares, 
  nominal value and issue price to which it seeks 
  admission and the number and type to be held 
  as treasury shares): 
-------------------------------------------------------------------------------- 
 30,704,636 ordinary shares of 5p at an issue 
  price of approximately 245p. No restrictions 
  as to the transfer of ordinary shares. No ordinary 
  shares held in treasury. 
-------------------------------------------------------------------------------- 
 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
-------------------------------------------------------------------------------- 
 Anticipated market capitalisation on admission: 
  c. GBP75 million (depending on the prevailing 
  mid-market share price of the Company immediately 
  prior to admission). No capital to be raised 
  on admission. 
-------------------------------------------------------------------------------- 
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
-------------------------------------------------------------------------------- 
 13.03 per cent. 
-------------------------------------------------------------------------------- 
 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED 
  TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS 
  AIM SECURITIES) ADMITTED OR TRADED: 
-------------------------------------------------------------------------------- 
 The ordinary shares of Avingtrans are not admitted 
  to trading on any other exchange or trading 
  platform, nor has any such application been 
  made. 
-------------------------------------------------------------------------------- 
 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED 
  DIRECTORS (underlining the first name by which 
  each is known or including any other name by 
  which each is known): 
-------------------------------------------------------------------------------- 
 Directors: 
  Roger Steven McDowell (Chairman) 
  Stephen (Steve) McQuillan (Chief Executive Officer) 
  Stephen Michael King (Chief Financial Officer) 
  Dr Graham Kenneth Thornton (Non-Executive Director) 
  Leslie James Thomas (Non-Executive Director) 
 
  Proposed director: 
  Ewan Wade Royston Lloyd-Baker (Non-Executive 
  Director) 
-------------------------------------------------------------------------------- 
 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS 
  EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE 
  CAPITAL, BEFORE AND AFTER ADMISSION (underlining 
  the first name by which each is known or including 
  any other name by which each is known): 
-------------------------------------------------------------------------------- 
                                  Prior to Admission         Post-Admission 
                                    No. of   Percentage      No. of   Percentage 
                                    shares         held      shares      held(1) 
                                      held                     held 
    Nigel Wray                   3,019,553         15.8   3,019,553          9.8 
    Funds managed by 
     Unicorn Asset Management 
     Ltd                         1,660,800          8.7   1,946,141          6.3 
    Roger McDowell               1,406,409          7.3   1,406,409          4.6 
    RBC Trustees                 1,393,250          7.3   1,393,250          4.5 
    Philip McDowell's 
     pension fund                1,213,205          6.3   1,213,205          4.0 
    LGT Bank                     1,016,950          5.3   1,016,950          3.3 
    Close Brothers 
     Asset Management              875,959          4.6     875,959          2.9 
    Harwood Capital                    Nil          Nil   1,892,745          6.2 
 
   (1) Assuming up to 11,535,000 New Ordinary Shares 
   are issued in connection with the Acquisition 
   of Hayward Tyler Group plc 
-------------------------------------------------------------------------------- 
 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
-------------------------------------------------------------------------------- 
 None 
-------------------------------------------------------------------------------- 
 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION 
  IN THE ADMISSION DOCUMENT HAS BEEN PREPARED 
  (this may be represented by unaudited interim 
  financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST 
  THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: 
-------------------------------------------------------------------------------- 
 (i) 31 May 
  (ii) 30 November 2016 in respect of Avingtrans 
  plc 
  31 March 2017 in respect of Hayward Tyler Group 
  plc 
  (iii) 30 November 2017 (in respect of the final 
  results of Avingtrans for the year to 31 May 
  2017) 
  28 February 2018 (in respect of the interim 
  results of Avingtrans for the six-months to 
  30 November 2017) 
  30 November 2018 (in respect of the final results 
  of Avingtrans for the year to 31 May 2018) 
-------------------------------------------------------------------------------- 
 EXPECTED ADMISSION DATE: 
-------------------------------------------------------------------------------- 
 1 September 2017 
-------------------------------------------------------------------------------- 
 NAME AND ADDRESS OF NOMINATED ADVISER: 
-------------------------------------------------------------------------------- 
 Nplus1 Singer Advisory LLP 
  One Bartholomew Lane 
  London 
  EC2N 2AX 
-------------------------------------------------------------------------------- 
 NAME AND ADDRESS OF BROKER: 
-------------------------------------------------------------------------------- 
 Nplus1 Singer Advisory LLP 
  One Bartholomew Lane 
  London 
  EC2N 2AX 
-------------------------------------------------------------------------------- 
 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, 
  DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) 
  THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, 
  WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION 
  OF ITS SECURITIES: 
-------------------------------------------------------------------------------- 
 N/A 
-------------------------------------------------------------------------------- 
 DATE OF NOTIFICATION: 
-------------------------------------------------------------------------------- 
 31 August 2017 
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 NEW/ UPDATE: 
-------------------------------------------------------------------------------- 
 Update 
-------------------------------------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 31, 2017 07:15 ET (11:15 GMT)

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