Monchhichi plc Update (6198T)

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RNS Number : 6198T

Monchhichi plc

13 October 2017

 
 For Immediate Release   13 October 2017 
 

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

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

Progress Update

The Company announced on 22 September 2017 that it had reached agreement on a primary investment of Euros10.0 million in Sentiance, a leading and proven private technology player in the exciting field of artificial intelligence ("AI"), machine learning and behavioural data science. This represented a reverse takeover under the AIM Rules.

The Company announced previously that it was proposing 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, and to simultaneously cancel the trading of its issued share capital on AIM. The proposed cancellation and admission was scheduled to take effect at 8.00 a.m. on 16 October 2017 but will now be delayed.

The Company will hold its AGM on 24 October to approve, amongst other things, the annual accounts for the period ended 31 March 2017. It is anticipated that around the same time the Company will publish a circular to shareholders together with a Notice of a General Meeting to approve the initial Sentiance investment and the extension of the Company's Investment Policy. Both resolutions require a simple majority vote and the Company is pleased to announce that it has procured the necessary irrevocable voting undertakings to pass these two resolutions.

Following the General Meeting, and requisite approval of the prospectus by the UK Listing Authority, it is expected that the ordinary shares of the Company would be admitted to the Standard Segment of the Official List. It is expected that this will take place contemporaneously with the proposed cancellation of the Company's admission to AIM. This is now expected in early or mid-November 2017.

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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October 13, 2017 12:59 ET (16:59 GMT)