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) Dow Jones Newswires

November 02, 2020 02:00 ET (07:00 GMT)

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