Watchstone Group PLC Disposal (8476D)
02 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMWTG
RNS Number : 8476D
Watchstone Group PLC
02 November 2020
Watchstone Group plc
( " Watchstone " or the "Company")
COMPLETION OF THE DISPOSAL OF THE INGENIE BUSINESS
Watchstone Group plc (LON:WTG) announces that the disposal of
the Ingenie Business ("Disposal") has now completed.
Stefan Borson, Group Chief Executive Officer said: "Firstly, I
would like to thank the Ingenie team for their hard work under the
Group's ownership of the business and especially during the ongoing
Covid-19 pandemic. We believe this transaction will benefit Ingenie
and its retail and business customers. As part of the
A-Plan/Endsleigh group, we expect Ingenie and its people to thrive.
From a personal perspective, I would like to thank Selim Cavanagh
and the rest of the Ingenie management team for their tireless work
in improving the business and its operational performance. The
Board will miss working with them and wishes them great success in
the future."
In accordance with AIM Rule 15, the Disposal constitutes a
fundamental change of business of the Company. The Company is now
an AIM Rule 15 cash shell and as such will be required to make an
acquisition or acquisitions which constitutes a reverse takeover
under AIM Rule 14 (including seeking re-admission as an investing
company (as defined under the AIM Rules)) on or before the date
falling six months from completion of the Disposal (being 1 May
2021) or be re-admitted to trading on AIM as an investing company
under the AIM Rules (which requires the raising of at least GBP6
million) failing which, the Company's Ordinary Shares would then be
suspended from trading on AIM pursuant to AIM Rule 40. Admission to
trading on AIM would be cancelled six months from the date of
suspension should the reason for the suspension not have been
rectified.
Watchstone Group plc Tel: 03333 44804
WH Ireland Limited , Nominated Adviser Tel: 020 7220 1666
and broker
Chris Hardie
Lydia Zychowska
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END
DISUPGACGUPUGWG
(END) Dow Jones Newswires
November 02, 2020 02:00 ET (07:00 GMT)
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