TIDMBASK
RNS Number : 4820R
Baskerville Capital PLC
22 September 2017
Baskerville Capital PLC
(the "Company")
First Day of Dealings
Placing to raise GBP1.8m
Admission to the Official List
Baskerville Capital PLC (LSE: BASK), a newly established company
formed to acquire a company or business with a technology focus,
announces that it has successfully raised gross proceeds of GBP1.8m
through the placing of 36,000,000 Ordinary Shares at a price of
GBP0.05 per Ordinary Share.
Application has been made for the Ordinary Shares to be admitted
to the Official List, by way of a Standard Listing, and to trading
on the Main Market. Dealings in the Ordinary Shares are expected to
commence at 8.00 a.m. on 22 September 2017. The Company's
prospectus is available to view here: www.baskcap.com
About Baskerville Capital PLC
The Company has been formed to undertake an Acquisition in the
technology sector. The Company does not have any specific
acquisition under consideration and does not expect to engage in
substantive negotiations with any target company or business until
after Admission. The Company expects that any funds not used in
connection with an Acquisition will be used in connection with
internal or external growth and expansion, and working capital in
relation to the acquired company or business or will be used for
future bolt-on acquisitions.
It is anticipated that the Company will focus its acquisition
strategy principally in the UK but will also consider a target
Acquisition in other jurisdictions (except for territories with
significant geo-political or economic risk).
Following completion of an Acquisition, the objective of the
Company will be to operate the acquired business and implement an
operating strategy to generate value for its Shareholders through
operational improvements and potentially through additional
complementary acquisitions following an Acquisition.
Unless required by applicable law or other regulatory process,
no Shareholder approval will be sought by the Company in relation
to an Acquisition. An Acquisition will likely be treated as a
Reverse Takeover under Chapter 5 of the Listing Rules. To the
extent that an Acquisition is treated as a Reverse Takeover, the
Company intends to seek re-admission of the enlarged group to
listing on the Official List and trading on the London Stock
Exchange, or to the AIM Market operated by London Stock Exchange,
or to another stock exchange.
Following completion of the Acquisition, the Company intends to
implement a strategy designed to maximise Shareholder value by
optimising the capital structure of the acquired activities,
implementing disciplined operational improvements and strengthening
management.
The Company's objective is to take advantage of opportunities to
invest in the technology sector and to operate the company or
business that it acquires in the Acquisition. The Company
anticipates that the target may be valued at between GBP10 million
and GBP100 million.
The Directors' intention is to create a trading business, rather
than an investment entity. It is not intended that the Company
acquire minority stakes in target entities.
Investment Strategy
The investment strategy of the Company will be focussed towards
the identification and acquisition of a company or business
which:
-- is run by management with a strong track record of generating
growth for shareholders and a proven experienced business
record;
-- has a compelling case for providing the foundation or
platform for a scalable business which generates or the potential
to generate substantial and sustainable free cash flow over
time;
-- has the ability to grow with additional capital or be replicated in other markets worldwide;
-- has a sustainable competitive advantage or a unique selling
proposition, perhaps arising from a technology that is in a high
growth market;
-- has the potential for a significant return for the Company's shareholders; and
-- can be funded adequately to allow the delivery of credible
technological and commercial milestones, thus creating significant
growth opportunities for Shareholders.
Directors and Founders
The Board currently comprises two Directors, who collectively
have extensive experience and a proven track record in investment,
corporate finance and business acquisition, operation and
development in the technology sector and are well placed to
implement the Company's business objective and strategy.
-- Rodger Sargent - Non-Executive Director & Chairman
-- Derek Kehoe - Non-Executive Director
The Directors believe that the Founders, together with the
Board, comprise a knowledgeable and experienced group with
extensive experience of making international acquisitions and
operational improvement. The Directors further believe that the
Founders' track record, demonstrate their ability to source,
structure and complete acquisitions, return value to investors and
introduce and complete operational improvements to companies. The
Founders will bring their extensive experience, skills and
expertise to bear, initially in sourcing, evaluating, structuring
and executing an Acquisition.
Christopher a serial investor in technology companies
Akers and founder of Sports Internet Group
plc, which was acquired by British
Sky Broadcasting plc for GBP300m
------------------ ------------------------------------------
Derek Kehoe a career of more than 30 years in the
banking sector, specialising in fixed
income and derivative products
------------------ ------------------------------------------
Russell Backhouse an experienced finance director and
corporate financier and has served
on a number of company boards, both
public and private, with a particular
focus on the TMT (technology, media
& telecoms) sector
------------------ ------------------------------------------
Rodger Sargent founder and finance director of a number
of quoted and private companies over
the past fifteen years
------------------ ------------------------------------------
Full details of the Directors and Founders can be found in the
prospectus (pp. 37-41)
Significant shareholders
On Admission, the following Shareholders will have a notifiable
interest in the issued shares of the Company:
Name Ordinary Percentage
Shares on of enlarged
Admission share capital
------------------------------- ----------- ---------------
Michael Wright 8,000,000 14.6%
Derek Kehoe (Non-Executive
Director) 3,700,000 7.74%
Hargreave Hale 3,400,000 7.1%
Christopher Akers 2,500,000 5.23%
Russell Backhouse 2,500,000 5.23%
Rodger Sargent (Non-Executive
Chairman) 2,500,000 5.23%
Mohamed Hanif Patel 1,800,000 3.8%
Courtney Investments 1,600,000 3.3%
MD Barnard 1,600,000 3.3%
Total 21,600,000 45.19%
PLACING STATISTICS
Number of Existing Ordinary Shares 10,000,000
-------------------------------------- ---------------------
Placing Price GBP0.05 per Ordinary
Share
-------------------------------------- ---------------------
Number of Placing Shares 36,000,000
-------------------------------------- ---------------------
Number of Fee Shares 1,800,000
-------------------------------------- ---------------------
Enlarged Share Capital in issue
following the issue of the Placing
Shares and Admission 47,800,000
-------------------------------------- ---------------------
Percentage of Enlarged Share Capital
represented by Placing Shares 75.31%
-------------------------------------- ---------------------
Gross proceeds of the Placing GBP1,800,000
-------------------------------------- ---------------------
Proceeds of the Placing receivable GBP1,650,000
by the Company (after deduction
of transaction costs)
-------------------------------------- ---------------------
Number of Ordinary Shares to be
issued if all outstanding Warrants
are exercised 13,500,000
-------------------------------------- ---------------------
Enquiries:
Baskerville Capital www.baskcap.com
PLC
Rodger Sargent via Walbrook PR
Walbrook PR Ltd Tel: 020 7933 8780 or baskerville@walbrookpr.com
Paul McManus / Paul Mob: 07980 541 893 / Mob: 07866
Cornelius 384 707
This information is provided by RNS
The company news service from the London Stock Exchange
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