Update on Reverse Acquisition (4922Y)

TIDMCMG

RNS Number : 4922Y

Croma Group PLC

01 March 2012

Croma Group Plc ("Croma" or the "Group")

1 March 2012

Update on Reverse Acquisition

Further to the Company's announcement at 7am this morning, Croma Group Plc, the AIM listed total security solutions provider, provides an update on the timing and process of the proposed acquisition of the CSS Companies and the conditional placing as set out in that announcement.

Expected Timetable of Principal Events

The anticipated dates of the acquisition are set out below. These dates are subject to change and a further announcement will be made by the Company as required.

 
 Latest time and date for receipt of forms   10 a.m. on 24 March 
  of proxy for the General Meeting                          2012 
------------------------------------------  -------------------- 
 General Meeting                             10 a.m. on 26 March 
                                                            2012 
------------------------------------------  -------------------- 
 Share Consolidation Record Date              6 p.m. on 26 March 
                                                            2012 
------------------------------------------  -------------------- 
 Admission and commencement of dealings       8.00am on 27 March 
  in the Enlarged Share Capital on AIM                      2012 
------------------------------------------  -------------------- 
 

Key Placing Statistics

Should the Resolution be passed at the General Meeting, the Share Consolidation, details of which are set out in the Company's Admission Document, will take place prior to the completion of the Placing, Acquisition and conversion of loan notes. As such, the key placing statistics are set out below assuming that no further Ordinary Shares of 0.1 pence each are issued prior to the Share Consolidation.

 
 Ordinary Shares of 0.1 pence in issue prior 
  to the Share Consolidation                                  189,337,850 
-------------------------------------------------------  ---------------- 
 Ordinary Shares of 5 pence in issue post the 
  Share Consolidation                                           3,786,753 
-------------------------------------------------------  ---------------- 
 Placing Price (per Ordinary Share of 5 pence                    75 pence 
  ) 
-------------------------------------------------------  ---------------- 
 Ordinary Shares of 5 pence being issued pursuant 
  to the Placing                                                6,666,666 
-------------------------------------------------------  ---------------- 
 Ordinary Shares of 5 pence to be issued pursuant 
  to the conversion of loan notes                                 766,666 
-------------------------------------------------------  ---------------- 
 Consideration Shares (being, Ordinary Shares 
  of 5 pence) to be issued pursuant to the Acquisition          3,282,447 
-------------------------------------------------------  ---------------- 
 Ordinary Shares of 5 pence in issue immediately 
  following Admission                                          14,502,532 
-------------------------------------------------------  ---------------- 
 Percentage of Enlarged Share Capital being issued 
  pursuant to the Placing                                           46.0% 
-------------------------------------------------------  ---------------- 
 Expected market capitalisation of the Company            GBP10.9 million 
  upon Admission based on the Placing Price 
-------------------------------------------------------  ---------------- 
 Estimated net proceeds of the Placing receivable          GBP4.1 million 
  by the Company 
-------------------------------------------------------  ---------------- 
 

Should the Resolution be passed at the General Meeting, the Company will also undergo a change of name to Croma Security Solutions Group Plc. On Admission, the Company's ordinary shares will trade under the ISIN number GB00B5MJV178 and new TIDM Code of CSSG.

For further information visit www.cromagroup.co.uk or contact:

 
 Croma Group PLC: 
 Sebastian Morley, CEO        Tel: [phone] 
 
 Nplus1 Brewin LLP (NOMAD): 
 Sandy Fraser                 Tel: [phone] 
 Robert Beenstock             Tel: [phone] 
 Derrick Lee                  Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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