AIM Schedule 1 Update - Lakehouse Plc (7816E)

TIDMLAKE

RNS Number : 7816E

AIM

10 May 2017

 
          ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT 
          PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 
          OF THE AIM RULES FOR COMPANIES ("AIM RULES") 
--------------------------------------------------------------- 
 
 COMPANY NAME: 
--------------------------------------------------------------- 
 Lakehouse plc ("Lakehouse" or the "Company") 
--------------------------------------------------------------- 
 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
--------------------------------------------------------------- 
 1 King George Close 
  Romford 
  Essex 
  RM7 7LS 
--------------------------------------------------------------- 
 COUNTRY OF INCORPORATION: 
--------------------------------------------------------------- 
 England and Wales 
--------------------------------------------------------------- 
 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
--------------------------------------------------------------- 
 http://www.lakehouse.co.uk/ 
--------------------------------------------------------------- 
 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF 
  OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, 
  DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION 
  IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER 
  UNDER RULE 14, THIS SHOULD BE STATED: 
--------------------------------------------------------------- 
 Lakehouse is an asset and energy support services 
  group that constructs, improves, maintains and 
  provides services to homes, schools, public 
  and commercial buildings with a focus on the 
  UK public sector and regulated markets. 
 
  The Company's core service areas are Compliance, 
  Energy Services, Property Services and Construction. 
 
  Compliance 
  Lakehouse provides advice to clients to enable 
  them to meet their legal, safety and regulatory 
  requirements across various aspects of a property 
  including gas, fire electrical, lifts and water 
  and air. 
 
  Energy Services 
  Lakehouse provides services which enable clients 
  to use energy more wisely and reduce energy 
  costs, including wall and loft insulation, heating 
  systems, smart metering and energy brokerage 
  and advisory services amongst others. 
 
  Property Services 
  Lakehouse provides regeneration and refurbishment 
  services, comprising planned, preventative and 
  reactive maintenance services to local authorities 
  and housing associations. 
 
  Construction 
  Lakehouse delivers buildings intended for public 
  use, predominantly schools and colleges in addition 
  to a wide range of other public buildings including 
  community centres, libraries, and fire stations. 
 
  Lakehouse's sole country of operation is the 
  United Kingdom. 
--------------------------------------------------------------- 
 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING 
  ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES 
  (i.e. where known, number and type of shares, 
  nominal value and issue price to which it seeks 
  admission and the number and type to be held 
  as treasury shares): 
--------------------------------------------------------------- 
 Number of shares to be admitted: 157,527,103 
 
  Type and nominal value of shares: Ordinary shares 
  of 10 pence each 
 
  No shares to be held in treasury 
 
  No restrictions as to the transfer of securities 
--------------------------------------------------------------- 
 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
--------------------------------------------------------------- 
 Anticipated market capitalisation (based on 
  a share price of 46.75p on 31 March 2017) on 
  admission to AIM: c.GBP74 million 
--------------------------------------------------------------- 
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
--------------------------------------------------------------- 
 27.03% 
--------------------------------------------------------------- 
 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED 
  TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS 
  AIM SECURITIES) ADMITTED OR TRADED: 
--------------------------------------------------------------- 
 N/A - AIM only 
--------------------------------------------------------------- 
 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED 
  DIRECTORS (underlining the first name by which 
  each is known or including any other name by 
  which each is known): 
--------------------------------------------------------------- 
 Robert (Bob) Holt, OBE (Executive Chairman) 
  Jeremy John Cobbett Simpson (Chief Financial 
  Officer) 
  Michael McMahon (Chief Operating Officer) 
  Robert William Lindsay Legget (Senior Independent 
  Director) 
  Andrew Nigel Harrison (Non-Executive Director) 
--------------------------------------------------------------- 
 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS 
  EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE 
  CAPITAL, BEFORE AND AFTER ADMISSION (underlining 
  the first name by which each is known or including 
  any other name by which each is known): 
--------------------------------------------------------------- 
  Shareholder                   Before   After 
   Estate of Steve Rawlings      15.50%   15.50% 
   Harwood Capital LLP           10.35%   10.35% 
   Slater Investments Ltd.        5.84%    5.84% 
   Legal & General Investment 
    Management Ltd.               5.60%    5.60% 
   Michael McMahon                5.06%    5.06% 
   Stuart Black                   3.51%    3.51% 
   Carol King                     3.39%    3.39% 
   Sean Birrane                   3.05%    3.05% 
--------------------------------------------------------------- 
 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
--------------------------------------------------------------- 
 None 
--------------------------------------------------------------- 
 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION 
  IN THE ADMISSION DOCUMENT HAS BEEN PREPARED 
  (this may be represented by unaudited interim 
  financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST 
  THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: 
--------------------------------------------------------------- 
      i) 30 September 
       ii) 30 September 2016 
       iii) 30 June 2017, 31 March 2018, 30 June 2019 
--------------------------------------------------------------- 
 EXPECTED ADMISSION DATE: 
--------------------------------------------------------------- 
 11 May 2017 
--------------------------------------------------------------- 
 NAME AND ADDRESS OF NOMINATED ADVISER: 
--------------------------------------------------------------- 
 Stockdale Securities Ltd 
  Beaufort House 
  15 St. Botolph Street 
  London 
  EC3A 7BB 
--------------------------------------------------------------- 
 NAME AND ADDRESS OF BROKER: 
--------------------------------------------------------------- 
 Stockdale Securities Ltd 
  Beaufort House 
  15 St. Botolph Street 
  London 
  EC3A 7BB 
--------------------------------------------------------------- 
 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, 
  DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) 
  THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, 
  WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION 
  OF ITS SECURITIES: 
--------------------------------------------------------------- 
 N/A - quoted applicant 
--------------------------------------------------------------- 
 DATE OF NOTIFICATION: 
--------------------------------------------------------------- 
 10 May 2017 
--------------------------------------------------------------- 
 NEW/ UPDATE: 
--------------------------------------------------------------- 
 Update 
--------------------------------------------------------------- 
 QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: 
--------------------------------------------------------------- 
 
 THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH 
  THE APPLICANT'S SECURITIES HAVE BEEN TRADED: 
--------------------------------------------------------------- 
 Premium segment of the FCA's Official List / 
  Main Market of the London Stock Exchange. 
--------------------------------------------------------------- 
 THE DATE FROM WHICH THE APPLICANT'S SECURITIES 
  HAVE BEEN SO TRADED: 
--------------------------------------------------------------- 
 23 March 2015 
--------------------------------------------------------------- 
 CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL 
  ENQUIRY, THE APPLICANT HAS ADHERED TO ANY LEGAL 
  AND REGULATORY REQUIREMENTS INVOLVED IN HAVING 
  ITS SECURITIES TRADED UPON SUCH A MARKET OR 
  DETAILS OF WHERE THERE HAS BEEN ANY BREACH: 
--------------------------------------------------------------- 
 The Company has adhered to the legal and regulatory 
  requirements applicable to companies admitted 
  to the Official List (premium segment) and the 
  Main Market of the London Stock Exchange plc. 
--------------------------------------------------------------- 
 AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS 
  OR ANNOUNCEMENTS WHICH THE APPLICANT HAS MADE 
  PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE 
  OF HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE: 
--------------------------------------------------------------- 
 http://www.lakehouse.co.uk 
--------------------------------------------------------------- 
 DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING 
  ADMISSION INCLUDING, IN THE CASE OF AN INVESTING 
  COMPANY, DETAILS OF ITS INVESTING STRATEGY: 
--------------------------------------------------------------- 
      The Company's strategy is oriented around three 
       stages: 
        *    Developing key markets 
 
 
        *    Focused divisions 
 
 
        *    Working together across business lines 
 
 
 
       The Company is focused on organic growth, seeking 

       to increase the services sold to existing clients, 
       winning new clients and expanding geographic 
       coverage. It will seek to do so principally 
       on an organic basis and only consider acquisitions 
       where they complement its existing portfolio. 
 
       The board of directors are comfortable with 
       and confident in the delivery model for Compliance, 
       Energy Services and Construction. However, the 
       self-delivery model in the Company's closed 
       'externals' departments within Property Services 
       has resulted in significant losses and the board 
       of directors will pursue a far more rigid risk-based 
       delivery model in the division in the future. 
--------------------------------------------------------------- 
 A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL 
  OR TRADING POSITION OF THE APPLICANT, WHICH 
  HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL 
  PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN 
  PUBLISHED: 
--------------------------------------------------------------- 
 As announced on 7 March 2017, the Energy Services 
  Division has had a good start to the current 
  financial year ("FY17"), securing a key GBP39m 
  smart metering contract with Scottish Power, 
  together with important External Wall Insulation 
  contracts with Fife Council, Rosehill Housing 
  Association, Grampian Housing Association and 
  the London Borough of Camden. 
 
  The Compliance Division has had a number of 
  important contract wins in FY17, meeting the 
  strategy to grow organically in both service 
  lines and geographic footprint. These include 
  a GBP7m commercial gas programme with London 
  & Quadrant over five years, a GBP2.8m heating 
  and boiler replacement programme with Central 
  Bedfordshire Council, a GBP2m heating servicing 
  and repairs contract with Derbyshire County 
  Council over two years, a GBP1m fire equipment 
  service and maintenance contract with Shepherd's 
  Bush Housing Association over three years, a 
  four year legionella framework with Procurement 
  for All potentially worth GBP650,000 and a GBP1.6m 
  lift modernisation programme with the London 
  Borough of Hammersmith and Fulham. The Division 
  has also been successful in resecuring a number 
  of existing contracts, which help underpin the 
  prospects for the business. 
 
  Within the Construction Division, the Chadwell 
  Heath Campus at Redbridge College, a Lakehouse 
  design and build project, won the Light and 
  Exterior Surface award at the recent Surface 
  Design Awards, demonstrating the quality and 
  innovation Lakehouse brings to such works. The 
  division has also secured a number of important 
  new wins in FY17, including a GBP6.1m contract 
  with Uxendon Manor Primary School (London Borough 
  of Brent), a GBP4.2m contract for Haslam House 
  & Chichester Court (London Borough of Harrow) 
  and a GBP2.7m contract for Harris Academy (London 
  Borough of Merton). The division continues to 
  experience delays on new contracts related to 
  two stage procurement, albeit 14 of the 17 contracts 
  discussed in the FY16 annual report have now 
  mobilised. 
 
  The turnaround of the Property Services Division 
  continues, with the new management team in place 
  implementing the strategy. 
--------------------------------------------------------------- 
 A STATEMENT THAT THE DIRECTORS OF THE APPLICANT 
  HAVE NO REASON TO BELIEVE THAT THE WORKING CAPITAL 
  AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT 
  FOR AT LEAST TWELVE MONTHS FROM THE DATE OF 
  ITS ADMISSION: 
--------------------------------------------------------------- 
 The Directors of Lakehouse plc have no reason 
  to believe that the working capital available 
  to it and its Group will be insufficient for 
  at least twelve months from the date of its 
  admission. 
--------------------------------------------------------------- 
 DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT 
  TO RULE 7 OF THE AIM RULES: 
--------------------------------------------------------------- 
 N/A - none 
--------------------------------------------------------------- 
 A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR 
  SETTLING THE APPLICANT'S SECURITIES: 
--------------------------------------------------------------- 
 Settlement will be through the CREST system 
  for uncertificated shares. Shareholders can 
  also deal based on share certificates. 
--------------------------------------------------------------- 
 A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING 
  TO THE APPLICANT'S SECURITIES: 
--------------------------------------------------------------- 
 www.lakehouse.co.uk 
--------------------------------------------------------------- 
 INFORMATION EQUIVALENT TO THAT REQUIRED FOR 
  AN ADMISSION DOCUMENT WHICH IS NOT CURRENTLY 
  PUBLIC: 
--------------------------------------------------------------- 
 Please see the Group Circular and the Appendix 
  to this Schedule 1 announcement which are available 
  at www.lakehouse.co.uk 
 
  Please note that section 7 of the Appendix, 
  "Litigation and arbitration" has been amended 
--------------------------------------------------------------- 
 A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S 
  LATEST ANNUAL REPORT AND ACCOUNTS WHICH MUST 
  HAVE A FINANCIAL YEAR END NOT MORE THEN NINE 
  MONTHS PRIOR TO ADMISSION AND INTERIM RESULTS 
  WHERE APPLICABLE. THE ACCOUNTS MUST BE PREPARED 
  IN ACCORDANCE WITH ACCOUNTING STANDARDS PERMISSIBLE 
  UNDER AIM RULE 19: 
--------------------------------------------------------------- 
 http://www.lakehouse.co.uk/investors/results-and-presentations 
--------------------------------------------------------------- 
 THE NUMBER OF EACH CLASS OF SECURITIES HELD 
  IN TREASURY: 
--------------------------------------------------------------- 
 None 
--------------------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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May 10, 2017 12:00 ET (16:00 GMT)