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SJH St James House Plc

41.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
St James House Plc LSE:SJH London Ordinary Share GB00BHXM9D70 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 41.50 38.00 45.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

St James House PLC Acquisition, Change of Auditors & PDMR Dealing (0005A)

23/05/2019 11:00am

UK Regulatory


St James House (LSE:SJH)
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TIDMSJH

RNS Number : 0005A

St James House PLC

23 May 2019

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

23 May 2019

ST. JAMES HOUSE PLC

("SJH", the "Group" or the "Company")

Acquisition, Change of Auditors & PDMR Dealing

Acquisition

The Board of Directors of the Company (the "Board") is pleased to announce that it has today completed the acquisition of Another Ops Limited, trading as "another", whose website is https://an-other.co.uk/ ("Another"). Another offer prepaid payment card and merchant solutions which provide a complementary product to the merchant, international payment and foreign exchange services provided by the Company's Market Access division.

The acquisition will be for 100 percent of the issued share capital of Another, consisting of 350,000 ordinary shares of GBP1.00 each, of which an aggregate amount of GBP210,000 is currently unpaid, for a consideration of GBP5.00. Another has an existing trading relationship with the Group and has net liabilities to the Group of around GBP140,000 as at the date of the acquisition. The vendor and chief executive of Another, Christian Russell, will remain in office and the 4 other employees of Another will be retained. The existing directors of Another, other than Mr Russell, have resigned and the Board has appointed a new director and expects to appoint another director in due course. The Board anticipates instigating a long-term incentive package for Mr Russell during the current financial year.

Another has principally been engaged in product and service development since incorporation in 2017, so is an early stage business. Another is yet to publish final accounts for the period from incorporation (13 July 2017) to 31 July 2018. with management accounts showing a loss for the period of GBP258,615 on sales of GBP108,497 and net assets of GBP91,385 (including GBP210,000 of unpaid share capital, as outlined above); for the six-months to 31/1/19, management accounts show further losses of GBP155,519 on sales of GBP126,784. The Board is confident that the technology developed by Another, once integrated into the existing SJH infrastructure will result in this becoming an exciting additional business line for the Group. Another will form part of the Group's payments division and it is the intention to utilise the "another" brand for the Group's retail payments offering, while the Group's existing Market Access business is focussed on the business and institutional markets.

Graeme Paton, CEO, commented, "The acquisition of Another brings about the launch of a raft of services that compliment Market Access' existing services and will expedite the launch of planned services such as pre-paid card issuing linked to wallet balances, online multicurrency accounts and the development of the next generation of payment solutions including single and multiple use virtual cards, alternative payment methods and peer to peer payments. This transaction also expands our pool of acquiring partners and delivers greater purchasing power making us more competitive.".

Change of Auditors

The Board has appointed MacIntyre Hudson LLP as auditors to the Group in replacement of KPMG LLP. The Board believes MacIntyre Hudson LLP to be more suited to the Group's size and business activities.

PDMR Dealing

J M Malone has been appointed trustee of a settlement (the "Trust") of 42,736 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares"). Ms Malone is the wife of John Botros, a subsidiary director of the Group, a Substantial Shareholder (as defined in the AIM Rules for Companies) and a Person Discharging Managerial Responsibility ("PDMR") under the Market Abuse Regulation. The Trust is for the benefit of Ms Malone and Mr Botros' adult children and previously had an external trustee. Following this appointment, Mr Botros is deemed to have an interest as a PDMR, including Persons Closely Associated ("PCA"), in 548,972 Ordinary Shares, equivalent to 17.62% of the issued Ordinary Shares.

For further information, contact:

 
 St. James House PLC 
  Lord Razzall, Chairman 
  Website www.sjhplc.com                 020 7493 9644 
 Allenby Capital Limited 
  (Nomad, Financial Adviser & Broker) 
  John Depasquale / Nick Harriss         020 3328 5656 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                Jadine Malone 
     ------------------  ----------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------- 
 a)   Position/status      PCA of PDMR - PDMR is John Botros, a director 
                            of a subsidiary company 
     ------------------  ----------------------------------------------- 
 b)   Initial             Initial notification 
       notification 
       /Amendment 
     ------------------  ----------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------- 
 a)   Name                St. James House plc 
     ------------------  ----------------------------------------------- 
 b)   LEI                 213800YKVH5ISMCNWJ42 
     ------------------  ----------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------- 
 a)   Description          Ordinary shares of 1p 
       of the financial     GB00BHXM9D70 
       instrument, 
       type of 
       instrument 
       Identification 
       code 
     ------------------  ----------------------------------------------- 
 b)   Nature of           Appointed trustee 
       the transaction 
     ------------------  ----------------------------------------------- 
 c)   Price(s)             Price(s)   Volume(s) 
       and volume(s)        0p         42,736 
     ------------------  ----------------------------------------------- 
 d)   Aggregated           n/a (single transaction) 
       information 
       - Aggregated 
       volume 
       - Price 
     ------------------  ----------------------------------------------- 
 e)   Date of             22 May 2019 
       the transaction 
     ------------------  ----------------------------------------------- 
 f)   Place of            N/A 
       the transaction 
     ------------------  ----------------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCLIFVAEDIVFIA

(END) Dow Jones Newswires

May 23, 2019 06:00 ET (10:00 GMT)

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