TIDMWTG

RNS Number : 3737W

Watchstone Group PLC

23 April 2021

Watchstone Group plc

( " Watchstone " or the "Company")

INTENTION TO APPLY FOR ADMISSION TO THE AQUIS STOCK EXCHANGE

Watchstone Group plc (LON:WTG) announces that it intends to apply for admission of its Ordinary Shares to trading on the Access segment of the AQSE Growth Market operated by the Aquis Stock Exchange (AQSE). It is expected trading will commence on 30 April 2021.

In accordance with AIM Rule 15 of the AIM Rules for Companies (the "AIM Rules"), the disposal of the ingenie business in November 2020 constituted a fundamental change of business and the Company was classified by AIM as an AIM Rule 15 cash shell. In accordance with AIM Rule 40, as six months have now passed since the disposal, the Company's Ordinary Shares will be suspended from trading on AIM pursuant to AIM Rule 40 on 4 May 2021.

Watchstone is now a group with a number of litigation assets, contingent liabilities and cash. Litigation in relation to the historic activities of the Group is being pursued where it is considered that the Group has a strong case and where the Board having taken advice, expects a successful outcome in favour of the Group. These include claims against PricewaterhouseCoopers LLP, Aviva Canada Inc, HMRC as well as other potential claims currently in contemplation. The Group expects to initiate a claim against its former auditor, KPMG LLP, in respect of its audit of the Group's accounts for the year ended 31 December 2013.

In selecting the AQSE Growth Market, the Board were keen to provide shareholders with the services of a regulated market and a trading facility while it pursues its litigation assets and its strategy unfolds.

The Group intends to make further cash returns to shareholders as appropriate as its litigation assets are resolved and will continue to consider other commercial opportunities that present themselves in areas where the Board have commercial and/or legal experience.

Pursuant to AIM Rule 41, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on AIM following the Company's 2021 Annual General Meeting to be held later this year. The Company's shares will continue to be available for trading on the Access segment of the AQSE Growth Market.

The Company's shares will continue to be registered with the existing ISIN number GB00BYNBFN51 and SEDOL number BYNBFN5. The Company's ticker symbol will continue to be WTG.

 
 Watchstone Group plc                                     Tel: 03333 44804 
 
 
   WH Ireland Limited , Nominated Adviser               Tel: 020 7220 1666 
   and broker 
 Chris Hardie 
  Lydia Zychowska

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFVTSIIFFIL

(END) Dow Jones Newswires

April 23, 2021 02:00 ET (06:00 GMT)

Watchstone (LSE:WTG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Watchstone.
Watchstone (LSE:WTG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Watchstone.