Monchhichi plc Progress Update and Proposed admission (6937Q)

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RNS Number : 6937Q

Monchhichi plc

14 September 2017

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014

Monchhichi Plc ("Monchhichi" or the "Company")

Progress Update

and

Proposed admission to the standard segment of the Official List and cancellation of admission to trading on AIM

Progress Update

In line with its investment policy, the Company plans to make a series of cohesive and meaningful acquisitions with clear existing industry validation and a disruptive growth trajectory in the technology, media and internet sectors.

Following Monchhichi's announcement on 28 July 2017, the Directors are pleased to announce that they have made considerable progress in finalising a EUR10.0 million investment in a global private technology company (the "Investment"). This initial Investment would be part of a much broader overall deal with the target company.

The Directors will also be seeking shareholder approval for an extension of the Company's Investment Policy to include the acquisitions of majority interests in investee companies, investments in quoted companies including the ability to make outright acquisitions.

Proposed admission to the standard segment of the Official List and cancellation of admission to trading on AIM

The Directors propose to seek admission of the Company's entire issued share capital to the standard segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange plc (the "Main Market"), and to simultaneously cancel the trading of its issued share capital on AIM. The proposed move to the Main Market will be by way of admission under Chapter 14 of the UK Listing Rules to the standard segment of the Official List. To achieve the Company's stated aims, the Company considers that admission to trading on the Main Market will increase its profile and attractiveness to a broader range of international institutional investors as its investment policy is implemented.

Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of admission to trading of its issued share capital on AIM. The admission of the Company's issued share capital to trading on AIM is expected to be cancelled with effect from 8.00 a.m. on 16 October 2017.

It is expected that the admission of the Company's issued share capital to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities will take place simultaneously with the de-listing from AIM, and will become effective at 8.00 a.m. on 16 October 2017, subject to receipt of the necessary approvals from the UK Listing Authority.

Shareholders should note that the current exemption from Stamp Duty and the Stamp Duty Reserve Tax (SDRT) applicable to transactions in eligible securities on London Stock Exchange's AIM, from which transactions in the Company's ordinary shares currently benefit, will immediately cease to be available from the date of cancellation of its trading on AIM.

The Company expects its ordinary shares to remain suspended until the intended cancellation of admission to trading of its issued share capital on AIM takes effect and the Company is simultaneously admitted to trading on the London Stock Exchange's main market for listed securities will take place.

The Company will make further announcements as to progress in due course and timing, if required.

Market Abuse Regulation

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information:

 
 Buchanan (Financial communications) 
  Richard Oldworth / Henry Harrison-Topham     Tel: [phone] 
  / Catriona Flint                             5000 
  [e-mail]                   www.buchanan.uk.com 
 
   Enquiries:                                  Tel: [phone] 
   Panmure Gordon (Nominated                   2500 
   Adviser and Broker) 
   Dominic Morley / Alina Vaskina 
 

Notes to the editors:

Monchhichi Plc (MCC.L) is a UK quoted company that focusses on making conviction investments / acquisitions in people, organisations and outstanding businesses with proven track records, industry validated market positions and clearly visible disruptive growth opportunities in the Technology, Media and Internet space globally. For more please visit www.monchhichi.life

This information is provided by RNS

The company news service from the London Stock Exchange

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September 14, 2017 02:00 ET (06:00 GMT)