Watchstone Group PLC Proposed Cancellation of Admission to AIM (6997X)
06 Mayo 2021 - 1:00AM
UK Regulatory
TIDMWTG
RNS Number : 6997X
Watchstone Group PLC
06 May 2021
Watchstone Group plc
( " Watchstone " or the "Company")
Proposed Cancellation of Admission of Ordinary Shares to trading
on AIM
As announced on 23 April 2021, pursuant to AIM Rule 41,
Watchstone Group plc (LON:WTG) announces that it now intends to
seek shareholder approval for the cancellation of trading of its
Ordinary Shares on AIM at the Company's 2021 Annual General Meeting
("AGM").
The Company's Circular relating to the proposed Cancellation of
Admission of Ordinary Shares to trading on AIM ("Cancellation") and
the Notice of the AGM have been published on the Company's website
at
https://www.watchstonegroup.com/investors/shareholder-information/.
The AGM will be held at 10.00am on 29 June 2021 at WH Ireland,
24 Martin Lane, London EC4R 0DR. However, in view of the UK
Government placing restrictions on travel and other matters because
of the COVID-19 situation, Shareholders will not be permitted to
attend the AGM in person. Details of how Shareholders can access
the AGM by electronic means may be obtained by emailing
info@watchstonegroup.com, however please note that remote
participation will be for information purposes only and will not be
a formal part of the meeting. Shareholders are also invited to
submit any questions via email to info@watchstonegroup.com by 10.00
a.m. on 27 June 2021. The impact of COVID-19 on the General Meeting
is explained further in the Circular itself.
The Company is proposing to seek Shareholder consent to cancel
admission of its Ordinary Shares to trading on AIM. Pursuant to
Rule 41 of the AIM Rules, the Company has notified the London Stock
Exchange of the date of the proposed Cancellation. The Circular
sets out the background to and reasons for the Cancellation,
additional information on the implications of the Cancellation for
the Company and its Shareholders and why the Board believes the
Cancellation to be in the best interests of the Company and of the
Shareholders as a whole.
As announced on 2 November 2020 and 23 April 2021, in accordance
with AIM Rule 15 of 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, the Company's Ordinary Shares
were suspended from trading on AIM on 4 May 2021 (six months after
the Company was classified as a cash shell).
As the Board was 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 Company applied for
and had its Ordinary Shares admitted to trading on the Access
segment of the AQSE Growth Market operated by the Aquis Stock
Exchange on 30 April 2021.
Given the suspension from AIM and the admission to AQSE, there
is no longer any significant advantage to retaining the Company's
AIM listing. The Company will remain a public company with a formal
market mechanism enabling the Shareholders to trade Ordinary Shares
although certain brokers are unable to process trades of AQSE
shares.
The Cancellation is conditional, pursuant to Rule 41 of the AIM
Rules, upon the approval of not less than 75 per cent of the votes
cast by Shareholders (whether present in person or by proxy) at the
AGM.
Expected timetable of the proposed Cancellation
Cancellation will not take effect until at least five clear
Business Days have passed following the passing of the Authorising
Resolution. If the Authorising Resolution is passed at the AGM, the
Cancellation will take effect at 7:00 a.m. on 7 July 2021 .
Notice provided to the London Stock Exchange 23 April 2021
to notify it of the proposed Cancellation
Latest time and date for completion or receipt 10.00 a.m. on 27 June
of Forms of Proxy 2021
Annual General Meeting 10.00 a.m. on 29 June
2021
Expected time and date of Cancellation 7.00 a.m. on 7 July
2021
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
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