Work Group plc Update and Suspension of Share Trading (1093S)
December 16 2016 - 9:00AM
UK Regulatory
TIDMWORK
RNS Number : 1093S
Work Group plc
16 December 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
16 December 2016
Work Group plc
(the "Company" or the "Group")
Update and Suspension of Share Trading
The directors of Work Group plc (the "Board") are now able to
provide an update on progress in finding a suitable acquisition to
allow the Company to fulfil its stated investing strategy.
Simon Howard, the Company's Chairman, stated: "We are pleased to
advise that we entered into a memorandum of understanding on an
opportunity for the potential acquisition of a group of companies
in the business services sector, and that extensive due diligence
has been on-going for some time.
In the course of this year we reviewed a number of opportunities
in order to achieve a satisfactory outcome for shareholders.
However, the transaction on which we are now engaged is, in the
opinion of the Board, the one we expect will deliver the greatest
value for shareholders along with the prospect of investing in a
business capable of scaling into a sizeable business."
Such an acquisition will constitute a reverse takeover under the
AIM Rules for Companies ("AIM Rules") and therefore, in accordance
with rule 14 of the AIM Rules, will require the publication of an
AIM admission document ("Admission Document") and approval of
shareholders of the Company in a general meeting. Whilst the
process has been underway for some time, it is clear that the
Admission Document setting out details of the acquisition and to
obtain shareholder approval for the acquisition will not be
published before February 2017, and therefore after the date on
which the Company is required to implement its investing strategy,
being 30 December 2016.
Accordingly, the Company has requested an immediate suspension
of trading in its shares on AIM until such time as it has, in
accordance with rule 14 of the AIM Rules, published the Admission
Document and, in accordance with rule 15 of the AIM Rules,
completed the reverse takeover. The Company is targeting completion
of the reverse takeover to take place as soon as possible in the
first quarter of 2017.
The Company will make further announcements in due course. There
can be no certainty that definitive documentation relating to the
proposed reverse takeover will be entered into or subsequently that
the reverse takeover will complete.
Enquiries:
Work Group Tel: +44 (0)20 3700 9210
Simon Howard, Executive
Chairman
Allenby Capital Limited Tel: +44 (0)20 3328 5656
(Nominated Adviser &
Broker)
Jeremy Porter
James Thomas
This information is provided by RNS
The company news service from the London Stock Exchange
END
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