AIM Schedule 1 - Harvey Nash Group Plc (6097J)

TIDMHVN

RNS Number : 6097J

AIM

29 June 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") 
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 COMPANY NAME: 
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 Harvey Nash Group PLC 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
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 110 Bishopsgate, London EC2N 4AY 
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 COUNTRY OF INCORPORATION: 
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 England & Wales 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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 www.harveynash.com 
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 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: 
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   The principal activities of Harvey Nash Group 
   PLC ("Harvey Nash" or the "Company") are the 
   provision of professional recruitment and offshore 
   solutions. Headquartered in the UK with 40 offices 
   globally covering the USA, Europe and Asia, 
   the Company's core services comprise Leadership 
   Services, Professional Recruitment and Offshore 
   Services. 
 
   Leadership Services 
 
   Executive Search: Assists companies to attract, 
   recruit and retain board members, top executives 
   and senior management through high-level executive 
   search. 
 
   Interim Management: Provides clients with executives 
   and leadership for short-term assignments across 
   a broad range of geographies, sectors and functions. 
 
   Leadership Consulting: Leadership consulting 
   businesses support owners, boards and executive 
   management with a range of strategic leadership 
   services, including board evaluations, management 
   development, audits, assessments and strategic 
   HR consulting. 
 
   Professional Recruitment 
 
   Technology Recruitment: Provides organisations 
   across more than 30 countries with skilled technology 
   specialists as well as finance, HR and engineering 
   professionals, on a flexible or permanent basis. 
 
   Recruitment Solutions: Provides tailored services 
   that help companies recruit and manage their 
   workforce more effectively, from payroll services 
   to recruitment process outsourcing. 
 
   Offshore Services 
 
   Projects and Software Services: Provides application 
   development, third party software maintenance 
   and outsourced software services to clients 
   across the world. 
 
   Managed Services/Business Process Outsourcing: 
   Management of critical technology infrastructure 
   functions, such as data centre operations, help 
   desk services network administration, and business 
   process outsourcing operations such as payroll 
   and other back-office transactions. 
 
   The main country of operation of the Company 
   and its subsidiaries (the "Group") is the UK. 
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 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): 
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   73,450,393 ordinary shares of 5 pence each. 
 
   No shares are held in treasury. 
 
   The ordinary shares are freely transferable 
   and have no restrictions as to transfer placed 
   on them. 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
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 Capital to be raised on admission: n/a. 
 
  Anticipated market capitalisation on admission: 
  GBP57.8 million. 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
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   41.03% 
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 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: 
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   None 
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 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): 
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   Julia (Julie) Margaret Baddeley (Non-Executive 
   Chair) 
   Albert George Hector Ellis (Chief Executive) 
   Mark Jonathan Garratt (Group Finance Director) 
   Simon Mark Wassall (European Managing Director) 
   Ian Robert Davies (Non-Executive Director) 
   David Charles Bezem (Non-Executive Director) 
   Kevin Richard Thomas (Non-Executive Director) 
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 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): 
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   Shareholders before and after admission: 
    Name of significant shareholder 
    DBAY Advisors                      26.10 
    Miton Asset Management             10.86 
    Hargreave Hale                      7.50 
    Chelverton Asset Management         5.72 
    Herald Investment Management        4.97 
    Barclays Wealth                     4.07 
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 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
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   None 
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 (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: 
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 (i) 31 January 
  (ii) n/a - existing issuer moving from official 
  list 
  (iii) 31 October 2017 (half yearly report for 
  the six month period to 31 July 2017) 
  31 July 2018 (annual accounts for the full 
  year to 31 January 2018) 
  31 October 2018 (half yearly report for the 
  six month period to 31 July 2018) 
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 EXPECTED ADMISSION DATE: 
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 28 July 2017 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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   Panmure Gordon (UK) Limited 
   One New Change 
   London 
   EC4M 9AF 
   United Kingdom 
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 NAME AND ADDRESS OF BROKER: 
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   Panmure Gordon (UK) Limited 
   One New Change 
   London 
   EC4M 9AF 
   United Kingdom 
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 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: 
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   n/a - quoted applicant 
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 DATE OF NOTIFICATION: 
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   29 June 2017 
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 NEW/ UPDATE: 
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   NEW 
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 QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: 
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 THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH 
  THE APPLICANT'S SECURITIES HAVE BEEN TRADED: 
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   Premium segment of the UKLA Official List / 
   Main Market of the London Stock Exchange 
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 THE DATE FROM WHICH THE APPLICANT'S SECURITIES 
  HAVE BEEN SO TRADED: 
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   3 April 1997 
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 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: 
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   The Company has adhered to the legal and regulatory 
   requirements of the Official List / Main Market. 

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 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: 
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   www.harveynash.com 
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 DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING 
  ADMISSION INCLUDING, IN THE CASE OF AN INVESTING 
  COMPANY, DETAILS OF ITS INVESTING STRATEGY: 
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      The five key elements of the Company's growth 
       strategy are to: 
 
        *    leverage the Group's strengths in technology and 
             digital staffing to win market share; 
 
 
        *    strengthen each business through diversification by 
             rolling out the portfolio of services, increasing 
             critical mass and protecting against cyclicality; 
 
 
        *    acquire earnings-enhancing businesses in core markets 
             which reinforce market leadership and deliver 
             synergies following integration with the Group 
             platform; 
 
 
        *    maintain a strong balance sheet and progressive cash 
             returns to shareholders; and 
 
 
        *    attract and retain the very best talent, fundamental 
             to the achievement of long-term sustainable growth. 
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 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: 
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   Save for the measures that have already been 
   taken which will result in a cost saving of 
   circa GBP1.0 million in the current year, as 
   set out in the AGM trading update announced 
   on 29 June 2017, there has been no significant 
   change in the financial or trading position 
   of Harvey Nash since 31 January 2017, being 
   the end of the last financial period for which 
   audited financial statements have been published. 
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 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: 
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   The Directors of Harvey Nash have no reason 
   to believe that the working capital available 
   to the Company or its Group will be insufficient 
   for at least 12 months from the date of its 
   admission. 
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 DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT 
  TO RULE 7 OF THE AIM RULES: 
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   None 
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 A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR 
  SETTLING THE APPLICANT'S SECURITIES: 
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   Settlement will be through the CREST system 
   for dealings in ordinary shares held in uncertificated 
   form. Shares can also be dealt in certificated 
   form. 
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 A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING 
  TO THE APPLICANT'S SECURITIES: 
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   www.harveynash.com/group/investors 
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 INFORMATION EQUIVALENT TO THAT REQUIRED FOR 
  AN ADMISSION DOCUMENT WHICH IS NOT CURRENTLY 
  PUBLIC: 
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   See Appendix to this Schedule One announcement, 
   available at www.harveynash.com/group/investors 
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 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: 
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   www.harveynash.com/group/investors 
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 THE NUMBER OF EACH CLASS OF SECURITIES HELD 
  IN TREASURY: 
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   None 
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This information is provided by RNS

The company news service from the London Stock Exchange

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June 29, 2017 09:00 ET (13:00 GMT)