RNS Number:2761Z
Oakhill Group PLC
29 June 2007
Oakhill Group plc
("Oakhill" or the "Company")
29 June, 2007
Proposed placing, proposed change of name of the Company, and proposed
consolidation of share capital
Oakhill announces today proposals to raise a minimum of Euro10 million (before
expenses) by way of a placing (the "Placing"), a change of name of the Company
and a consolidation of share capital.
The Placing
The Company has entered into arrangements with Goodbody Stockbrokers to place
Ordinary Shares at a price of Euro0.35 per Ordinary Share.
The Placing is one of the first steps in developing the Company as an
acquisition and development vehicle. The proceeds of the Placing (net of
expenses) will be available to the Group for potential acquisition and
investment opportunities. It is the Board's intention that the Company will, in
broad terms, invest in or acquire underperforming assets in sectors where the
Board has significant experience. These include financial services,
telecommunications, digital media, print and property. The initial geographical
targets will be Ireland and the United Kingdom. However, the Company may also
invest outside these sectors and geographic regions where appropriate.
Application will be made for the Placing Shares to be admitted to trading on the
AIM and IEX markets of the London and Irish Stock Exchanges respectively.
Change of Name
The Directors believe that it is appropriate to mark the change in the Company's
focus and activity with a change in corporate identity. Accordingly, the Board
is proposing a change in the Company's name to Prime Active Capital plc.
Consolidation of Share Capital
The Directors believe that it would benefit the Company and the Shareholders to
reduce the number of shares, with a resulting adjustment in the market price of
its shares, by consolidating its ordinary share capital on the basis of one New
Ordinary Share of Euro0.50 for every 5 Existing Ordinary Shares of Euro0.10.
Update on Current Trading
On 11 June, 2007, Oakhill published its Annual Report in respect of the year
ended 31 December, 2006, which was approved on 4 May 2007, in which it commented
on the performance of, and expectations for, the Group's two divisions. The
proposals set out in a Circular to shareholders dated 12 April 2007 were
completed on 15 May 2007 and this has resulted in non-recurring reorganisation
costs incurred prior to the appointment of the current board, which will be
accounted for in the interim results for the six months ending 30 June 2007.
These costs are estimated to be Euro1.5 million. Apart from these non-recurring
costs, there has been no material change in the Company's expectations for the
financial year ended 31 December 2007.
Each of the proposals requires the approval of shareholders at an Extraordinary
General Meeting ("EGM"). The document convening the EGM and containing further
information on the proposals and on the Boards reasons for recommending them to
shareholders will be posted to shareholders in due course.
Terms used but not defined in this announcement shall have the meanings given to
them in the circular to be posted to shareholders.
For further information:
Oakhill Group plc Goodbody Corporate Finance/ Goodbody Stockbrokers
Peter Lynch Kevin Keating
Tel: + 353 1 240 1400 David Kearney
Tel: + 353 1 667 0420
Q4 Public Relations AIB Corporate Finance Limited
Gerry O'Sullivan Peter Coyne
Tel: + 353 1 475 1444 Tel: +353 1 667 0233
This information is provided by RNS
The company news service from the London Stock Exchange
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