AIM Sch 1 - Proactis Holdings Plc (3687K)

TIDMPHD

RNS Number : 3687K

AIM

07 July 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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 PROACTIS Holdings plc ( "PROACTIS" or the "Company") 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
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 2nd Floor 
  1 Riverview Court 
  Castle Gate 
  Wetherby 
  West Yorkshire 
  LS22 6LE 
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 COUNTRY OF INCORPORATION: 
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 England and Wales 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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 http://www.proactis.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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 PROACTIS Holdings plc intends to acquire Perfect 
  Commerce, LLC ("Perfect Commerce"). Following 
  completion of the Acquisition, the business 
  will be that of both PROACTIS and Perfect Commerce 
  (together, the "Enlarged Group"). 
 
  PROACTIS and Perfect Commerce both operate in 
  the spend management solutions market, specialising 
  in the development and sale of technology led 
  spend management software and solutions to help 
  customers procure 'indirect' goods and services 
  more efficiently and effectively with the combined 
  objectives of reducing costs and improving control 
  and compliance. 
 
  PROACTIS' solutions are used by approximately 
  850 buyer organisations, with over 2 million 
  users, in over 90 countries, although predominately 
  in the UK, across the commercial, public and 
  not-for-profit sectors. 
 
  Perfect Commerce's cloud-based solutions are 
  used by approximately 150 customers, many of 
  which are Tier 1 customers, with over 1.3 million 
  users (excluding ERP and e Catalogue customers) 
  across 83 countries, 21 languages and 102 currencies. 
  Further, Perfect Commerce operates its proprietary 
  supplier network that it calls 'The Business 
  Network' and which has approximately 970,000 
  suppliers connected to it. Perfect Commerce's 
  main country of operation is the US and it also 
  has extensive operations in mainland Europe. 
  Perfect Commerce has a controlling, 79 per cent. 
  shareholding in Hubwoo SA, a French company 
  which is listed on the Eurolist of NYSE Euronext, 
  in France. 
 
  The Enlarged Group will have a customer base 
  extending across the United States, the United 
  Kingdom and mainland Europe, served by an enhanced 
  end-to-end solution set. 
 
  The Enlarged Group's main country of operation 
  will be the United Kingdom. 
  The Acquisition constitutes a reverse takeover 
  under AIM Rule 14. Accordingly, shareholder 
  approval for the Acquisition is being sought 
  at a general meeting convened for 31 July 2017. 
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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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 92,662,789 ordinary shares of 10 pence each 
  ("Ordinary Shares") to be admitted, of which 
  42,424,243 Ordinary Shares are in respect of 
  the placing to be admitted shortly prior to 
  Admission ("Placing Shares"). 
 
  No shares held in treasury. 
 
  No restrictions as to transfer of the securities. 
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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 shortly prior to Admission: 
  GBP70 million at a placing price of 165 pence 
  per Ordinary Share ("Placing Price") (the "Placing"). 
  Admission of the Placing Shares is expected 
  on 1 August 2017. 
 
  Anticipated market capitalisation on Admission: 
  GBP152.9 million (based on the Placing Price). 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
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 11.5 per cent. 
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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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 Alan John Aubrey (Non-Executive Chairman) 
  Timothy (Tim) James Sykes (Chief Financial Officer 
  and Chief Executive Officer) 
  Sean Anthony McDonough (Chief Operating Officer) 
  Rodney Potts (Non-Executive Director) 
 
  George Hampton Wall Jr (Proposed Chief Executive 
  Officer) 
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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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                                                      Immediately 
                                                       following the 
                                                        Placing and 
                                                       expected upon 
                               Before the Placing       Admission* 
   ------------------------  ---------------------  ----------------- 
                                     Number              Number 
                                  of Shares           of Shares 
    Shareholder                        held      %         held     % 
   ------------------------  --------------  -----  -----------  ---- 
    Mr Rodney Potts               8,957,765   17.8    8,957,765   9.7 
   ------------------------  --------------  -----  -----------  ---- 
    Investec Wealth 
     & Investment 
     Limited                      4,639,113    9.2    4,919,719   5.3 
   ------------------------  --------------  -----  -----------  ---- 
    Artemis Investment 
     Management LLP               4,266,226    8.5    5,766,226   6.2 
   ------------------------  --------------  -----  -----------  ---- 
    Lombard Odier 
     Asset Management 
     (Europe) Limited             3,792,297    7.5    8,718,317   9.4 
   ------------------------  --------------  -----  -----------  ---- 
    Hargreave Hale 
     & Co                         3,692,276    7.3    4,904,397   5.3 
   ------------------------  --------------  -----  -----------  ---- 
    Mr Rodney Jones               2,617,836    5.2    2,617,836   2.8 
   ------------------------  --------------  -----  -----------  ---- 
    Liontrust Investment 
     Partners LLP                 2,329,656    4.6    7,352,672   7.9 
   ------------------------  --------------  -----  -----------  ---- 
    Miton Asset Management 
     LTD                          1,777,148    3.5    4,224,932   4.6 
   ------------------------  --------------  -----  -----------  ---- 
    AXA Investment 
     Managers (U.K.) 
     LTD                          1,744,905    3.5    3,635,388   3.9 
   ------------------------  --------------  -----  -----------  ---- 
    Old Mutual Global 
     Investors Ltd                        -      -    2,993,611   3.2 
   ------------------------  --------------  -----  -----------  ---- 
    * If there are any material changes between 
     the Placing and Admission, a further update 
     will be made. 
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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 July 
       (ii) 31 December 2016 (Perfect Commerce) / 31 
       January 2017 (PROACTIS) 
       (iii) 31 January 2018 (twelve month audited 
       accounts to 31 July 2017); 30 April 2018 (six 
       month unaudited results to 31 January 2018); 
       31 January 2019 (twelve month audited accounts 
       to 31 July 2018). 
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 EXPECTED ADMISSION DATE: 
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 7 August 2017 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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 finnCap Ltd 
  60 New Broad Street 
  London 
  EC2M 1JJ 
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 NAME AND ADDRESS OF BROKER: 
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 finnCap Ltd 
  60 New Broad Street 
  London 
  EC2M 1JJ 
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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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 A copy of the Admission Document containing 
  full details about the applicant and the admission 
  of its securities will be available on the Company's 
  website from the date of publication: 
  http://www.proactis.com/investors 
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 DATE OF NOTIFICATION: 
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 7 July 2017 
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 NEW/ UPDATE: 
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 NEW 
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This information is provided by RNS

The company news service from the London Stock Exchange

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July 07, 2017 03:00 ET (07:00 GMT)