Admission to AIM

RNS Number:4037T
BWA Group PLC
18 December 2003


 

FOR IMMEDIATE RELEASE
                                                            18 December 2003

 

              B W A GROUP PLC ("BWA Group" or "the Company")

         Admission to trading on the Alternative Investment Market

This statement should be read in conjunction with the full text of the Admission
Document.  Copies of the Admission Document are available from Bircham Dyson
Bell, 50 Broadway, London SW1H OBL during normal business hours on any weekday
for the period of one month from today.

Introduction

Following the closure of the Company's previous business, it was agreed by the
then board of directors that the only alternative to putting the Company into
liquidation was for the Company to pursue a proposal ("Proposal") for a Company
Voluntary Arrangement ("CVA") with the aim of turning the Company into a shell
and, following a fundraising, applying for Admission to AIM. This was in due
course approved by creditors and shareholders and the CVA was finally completed
by the Supervisor pursuant to the Insolvency Rules 1986 on 3 October 2003.

On 12 December 2003 Fiske on behalf of the Company raised a total of #310,000 by
way of a placing of Ordinary Shares conditional on Admission for the purpose of
paying the expenses of Admission and for working capital.

The issued Ordinary Shares in the Company have been admitted to trading on AIM
and Admission is effective today.

Investment Strategy and Prospects

With the benefit of the balance of the monies raised in the Placing and
following Admission, the Directors intend to find a suitable company or business
or investment for the Company to acquire in the small to medium sized sector,
which should result in the growth of Shareholder value. The Directors anticipate
that the acquisition of such a business will be financed by, as appropriate, the
issue of new Ordinary Shares or other securities as vendor consideration and/or
the cash proceeds of a further issue of new Ordinary Shares.

The Directors expect to concentrate their efforts in identifying potential
acquisitions primarily in manufacturing or support systems in the United
Kingdom.  However, a broader range of potential investments may be considered
should appropriate opportunities be identified.

If the Company fails to make any acquisition or investment as outlined above
within two years from the date of Admission a resolution will be proposed for a
Members Voluntary Liquidation of the Company (pursuant to Part IV of the
Insolvency Act) and the return of funds (after payment of the expenses and
liabilities of the Company) to Shareholders pro-rata to their respective
shareholdings.

Placing

Fiske, on behalf of the Company, has conditionally placed 15,500,000 Ordinary
Shares at a price of 2p per share which will represent 86.27% of the enlarged
issued share capital of the Company after the Placing.  A total of #310,000 will
be raised in the Placing which will leave an amount of approximately #242,500
after deducting expenses of the Placing, Admission and pre-Admission expenses
including certain residual expenses of the CVA.  The Placing is conditional upon
Admission.

Directors

David Steavenson (aged 68)

David Steavenson has had previous extensive business experience within BAT
Industries plc, and as head of investment banking of Italian International Bank.
  He was director of the Company from 1993 to 1998 and was appointed Chairman on
28 February 2000.  He is also a director of a number of private companies.

Richard Battersby (aged 61)

Richard Battersby is a chartered accountant who has been involved in the venture
capital industry for nearly 30 years.  After qualifying, he joined The Royal
Bank of Scotland plc and moved to their development capital subsidiary, becoming
a director in 1978.  He was part of a management buy out team that acquired a
group of companies which, through a reverse takeover, became Plaxton Group plc,
later Henlys Group plc.  He was finance director of those listed companies until
1992.  He has subsequently been a director and chairman of a number of listed
companies and is currently Chairman of BWD Aim VCT plc and a director of Capital
for Companies VCT plc.  He is also a director of a number of private companies.

Peter Redmond (aged 54)

Peter Redmond has over 18 years' experience in corporate finance and venture
capital, most recently with Durlacher Limited.  He is an experienced corporate
financier with broad experience in IPOs, reverse takeovers, mergers and
acquisitions and corporate reconstructions.  He has had very extensive
experience over a great many years in assisting companies to raise capital.  He
has also been instrumental in assisting failed companies by reconstructing and
recapitalising them and subsequently assisting them to acquire new businesses.
Formerly an investment analyst with Hoare Govett & Co, he has subsequently
managed and advised a wide range of public and private companies.  He is at
present a director of Merchant House Group plc, Fortfield Investments plc and
Future Internet Technologies plc all of whose shares are admitted to trading on
AIM.





Richard Armstrong (aged 56)

Richard Armstrong is an associate with Fiske plc, the AIM quoted stockbrokers,
who are the Company's Brokers.  He has had very extensive experience over many
years in assisting companies to raise capital.  He has also been instrumental in
assisting failed companies by reconstructing and recapitalising them and
subsequently assisting them to acquire new businesses.  He is a director of AIM
quoted Future Internet Technologies plc, Fortfield Investments plc and Merchant
House Group plc.


Note:   There are 17,966,627 Ordinary Shares of 2p each in issue.

Contact:           Peter Redmond, BWA Group PLC on 020 7332 2211

                   Roland Cornish, Beaumont Cornish Limited on 020 7628 3396.







                      This information is provided by RNS
            The company news service from the London Stock Exchange

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