AIM Schedule One Update - Tiso Blackstar Group SE (7767J)

TIDMTBGR

RNS Number : 7767J

AIM

30 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") 
---------------------------------------------------------------------------------------------- 
 
 COMPANY NAME: 
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 TISO BLACKSTAR GROUP SE ("Tiso Blackstar" or 
  the "Company") 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
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 The current application relates to a migration 
  of the holding company from Malta to the United 
  Kingdom ("UK"), pursuant to Article 8 of Council 
  Regulation (EC) No. 2157/2001 of 8 October 2001 
  of the statute for a European Company (the "Migration"). 
 
  Current address in Malta: 
 
  3rd Floor Avantech Building 
  St Julian's Road 
  San Gwann 
  SGN 2805 
  Malta 
 
  Registered office and address once the Migration 
  of the Company to the UK occurs: 
 
  Berkeley Square House 
  Berkeley Square 
  Mayfair 
  London 
  W1J 6BD 
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 COUNTRY OF INCORPORATION: 
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 The Company is a European public limited company 
  (Societas Europaea) and from the date the Migration 
  becomes effective will be registered in England 
  and Wales. 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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 http://www.tisoblackstar.com/aim-rule-26/ 
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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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      Tiso Blackstar Group SE is the holding company 
       of a media, entertainment and marketing solutions 
       group operating market leading newspaper, broadcast, 
       digital and events properties focused on providing 
       quality content and services to its varied audiences. 
       The Company has a broad spectrum of existing 
       businesses with strong exposure to rapidly growing 
       digital and mobile markets. Tiso Blackstar's 
       current geographic footprint is predominantly 
       in South Africa and also includes growing businesses 
       in Kenya, Ghana and Nigeria. 
 
       Current media and related services businesses 
       include: 
        *    Publishing (Newspapers & Magazines - Digital & Print) 
             - South Africa's largest English language publisher, 
             South Africa's largest Sunday paper and business 
             paper, second largest digital publisher. 
 
 
 
        *    Broadcasting (TV and Radio) - leading positions in 
             lifestyle, business and motoring TV channels, TV 
             production, film distribution, music catalogues and 
             radio stations (Kenya, Ghana, Nigeria, KZN and 
             Mpumalanga).Retail and brand marketing solutions 
             (Software, process automation, data, in-store, point 
             of sale) - Hirt & Carter and Uniprint are market 
             leaders. 
 
 
       -- 
       Tiso Blackstar retains ownership in the following 
       non-media related businesses which have been 
       identified as non-core businesses to be sold 
       at the appropriate time: 
 
        *    Robor - the largest steel tube and pipe manufacturer 
             and supplier across Africa. 
 
 
 
        *    CSI - consisting of GRS, which is the leading metal 
             roof sheeting manufacturer and supplier in SADC, 
             together with Stalcor, which is the leading 
             distributor of stainless steel and aluminium in South 
             Africa. 
 
 
 
        *    KTH - A diversified, empowered investment holding 
             company with investments across sectors including 
             media, services, mining and manufacturing. On 13 
             December 2016, Tiso Blackstar announced the 
             conditional sale of its 22.9% interest in KTH. 
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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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      The Company currently has, and intends to admit, 
       the following issued share capital: 
 
        *    Issued: 268,291,260 ordinary shares of EUR0.76 each 
 
 
 
       Of these, at 30 June 2017 the Company held 3,012,349 
       treasury shares. 
 
       4,612,256 shares are currently held by management 
       and restricted solely under the rules of the 
       management incentive scheme. 
 
       There are no restrictions as to transfer of 
       the securities. 
 
       Other than the securities mentioned, the Company 
       does not have any other securities. 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
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 N/A - Admission is only required as a consequence 
  of the Migration of the Company from Malta to 
  England and Wales. 
 
  The anticipated market capitalisation on Admission 
  is GBP160 million. 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
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 192,063,286 ordinary shares are not in public 
  hands, representing 71.6% of the issued share 
  capital. 
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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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 United Kingdom: AIM 
  South Africa: Altx market of the JSE 
 
  The Company announced on 19 May 2017 that it 
  has received approval from the JSE Limited ("JSE") 
  to transfer its listing from a secondary listing 
  on Altx of the JSE to a dual primary listing 
  on the Main Board of the JSE. The approval is 
  subject to the Company's Articles of Association 
  being amended to comply with the JSE Regulations 
  and the successful Migration of the Company 
  to the United Kingdom. 
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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): 
---------------------------------------------------------------------------------------------- 
 
        *    David Kwame Tandoh Adomakoh - Non-executive Group 
             Chairman 
 
 
        *    John Broadhurst Mills - Non-executive Group Deputy 
             Chairman 
 
 
        *    Nkululeko Leonard Sowazi - Non-executive Director 
 
 
        *    Andrew David Bonamour - Non-executive Director 
 
 
        *    Marcel Ernzer - Non-executive Director 
 
 
        *    Richard Thomson Wight ("Tom") - Non-executive 
             Director 
 
 
        *    Harishkumar Kantilal Mehta ("Harish") - 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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 There will be no change in the significant shareholders 
  before and after the admission. The significant 
  shareholders are as follows: 
            Shareholder             Total shares      % of issued 
                                        held         share capital 
                                                    (net of treasury 
                                                        shares) 
  -------------------------------  -------------  ------------------ 
   Tiso Investment Holdings 
    Pty Ltd                           53,787,536               20.3% 
  -------------------------------  -------------  ------------------ 
   Kagiso Asset Management 
    Pty Ltd                           43,506,031               16.4% 
  -------------------------------  -------------  ------------------ 
   Tiso Foundation Charitable 
    Trust                             38,984,567               14.7% 
  -------------------------------  -------------  ------------------ 
   Public Investment Corporation 
    SOC Ltd                           27,716,143               10.4% 

  -------------------------------  -------------  ------------------ 
   Peregrine Holdings                 15,733,242                5.9% 
  -------------------------------  -------------  ------------------ 
   Credit Suisse Private 
    Banking                           12,223,500                4.6% 
  -------------------------------  -------------  ------------------ 
   Mehta Family Trusts                11,301,129                4.3% 
  -------------------------------  -------------  ------------------ 
   Andrew Bonamour(*)                  8,781,980                3.3% 
  -------------------------------  -------------  ------------------ 
 
 
  (*) This includes shares held by funds associated 
  with Andrew Bonamour. 
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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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 N/A 
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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) Accounting reference date: 30 June 
 
                        (ii) Main financial information: Unaudited six 
                        month period ending 31 December 2016 
 
                        (iii) Dates: 
 
                         *    Annual accounts for the period 30 June 2017 to be 
                              presented around 30 September 2017. 
 
 
 
                         *    Half yearly report for the period 31 December 2017 to 
                              be presented around 31 March 2018. 
 
 
 
                         *    Annual accounts for the period 30 June 2018 to be 
                              presented around 30 September 2018. 
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 EXPECTED ADMISSION DATE: 
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 3 July 2017. 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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 Northland Capital Partners Limited 
  4(th) Floor 
  60 Gresham Street 
  London 
  EC2V 7BB 
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 NAME AND ADDRESS OF BROKER: 
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 Northland Capital Partners Limited 
  4(th) Floor 
  60 Gresham Street 
  London 
  EC2V 7BB 
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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 - application is for a quoted applicant 
  in relation to the Migration of its holding 
  company from Malta to the UK. Previous Admission 
  Documents containing full details about the 
  applicant and the admission of its securities 
  are available on the Company's website at: www.tisoblackstar.com. 
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 DATE OF NOTIFICATION: 
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 30 June 2017 
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 NEW/ UPDATE: 
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 Update 
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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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 The Company is currently admitted to AIM; the 
  application is solely in relation to the Migration. 
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 THE DATE FROM WHICH THE APPLICANT'S SECURITIES 
  HAVE BEEN SO TRADED: 
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  The Company was re-admitted to AIM on 8 June 
   2015 following completion of substantial acquisitions. 
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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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 Confirmed. 
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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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 http://www.tisoblackstar.com/announcements/ 
  and http://www.tisoblackstar.com/publications/ 
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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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 In its interim results for the six months ended 
  31 December 2016, the Company stated that the 
  business had made significant progress in implementing 
  its strategy of becoming a media and related 
  services group and these results reflected the 
  positive effects of this new focus. The interim 
  results marked the first time that Tiso Blackstar 
  had reported results on a consolidated basis. 
 
  During the period, on 13 December 2016 the Company 
  also announced the sale of its non-core 22.9% 
  interest in Kagiso Tiso Holdings Proprietary 
  Limited ('KTH') to Kagiso Capital Proprietary 
  Limited ("Kagiso Capital") for a cash consideration 
  of R1.5 billion (GBP90 million). 
 
  The Company is currently looking at acquisition 
  opportunities both in South Africa and internationally 
  that should add to the earnings of the Group. 
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 A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL 
  OR TRADING POSITION OF THE APPLICANT, WHICH 
  HAS OCCURRED SINCE THE OF THE LAST FINANCIAL 
  PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN 
  PUBLISHED: 
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 On 19 May 2017, the Company announced an update 
  on the conditional disposal of KTH referred 
  to above, whereby KTH has conditionally agreed 
  to repurchase the Company's entire shareholding 
  of 213,235 ordinary shares in KTH constituting 
  22.9% of KTH's issued ordinary share capital 
  (excluding treasury shares) ("KTH Repurchase"). 
  Accordingly, Tiso Blackstar and Kagiso Capital 
  have agreed to cancel the initial sale and purchase 
  agreement. 
 
  The KTH Repurchase price, which is the same 
  as for the structure previously announced, is 
  ZAR1.5 billion (approximately GBP86 million) 
  but will be paid over a 19 month period, with 
  ZAR1 billion (approximately GBP57 million) paid 
  on or before 31 December 2017, and the balance 
  on or before 31 December 2018. 
 
  Save for the disposal of KTH referred to above, 
  there has been no significant change in the 
  financial or trading position of the group since 
  30 June 2016. 
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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: 
---------------------------------------------------------------------------------------------- 
 The Directors of Tiso Blackstar Group SE 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 readmission following completion of the 
  Migration. 
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 DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT 
  TO RULE 7 OF THE AIM RULES: 
---------------------------------------------------------------------------------------------- 
 N/A 
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 A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR 
  SETTLING THE APPLICANT'S SECURITIES: 
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 The Ordinary Shares are in registered form and 
  can be held in certificated form. 
 
  Upon the Migration becoming effective, the Deed 
  Poll constituting the Depositary Interests will 

  be terminated and the Shares will be traded 
  directly through CREST. 
 
  In addition, the Company has entered into arrangements 
  to enable Shareholders to settle and transfer 
  dematerialised Ordinary Shares through the Strate 
  system. The Strate system is the clearing and 
  settlement system used by the JSE for security 
  transactions to be settled and transfer of ownership 
  to be recorded electronically, managed by Strate 
  Proprietary Limited (a registered central securities 
  depository in terms of the South African Custody 
  and Administration of Securities Act, No. 85 
  of 1992, as amended. 
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 A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING 
  TO THE APPLICANT'S SECURITIES: 
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 http://www.tisoblackstar.com/wp-content/uploads/2015/06/MA_ChangeName_ROCuploaded346917_1.pdf 
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 INFORMATION EQUIVALENT TO THAT REQUIRED FOR 
  AN ADMISSION DOCUMENT WHICH IS NOT CURRENTLY 
  PUBLIC: 
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 Details of the proposed Migration and the reasons 
  for it were set out in the circular to shareholders 
  dated 20 November 2015. A separate RNS dated 
  2 May 2017 sets out revised timings and some 
  updates to the consequences of the proposals. 
 
  Furthermore, on 26 May 2017, the Company published 
  a circular which sets out details in relation 
  to its proposed adoption of new Articles, referred 
  to above, to take effect upon the completion 
  of the Migration. 
 
  In addition, the Company has also resolved to 
  propose to shareholders that a new management 
  incentive scheme, details of which are set out 
  in the 2017 circular, be adopted, from the date 
  of the completion of the Migration. 
 
  A separate RNS dated 30 June 2017 sets out a 
  revised timetable of the principal events. 
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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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 http://www.tisoblackstar.com/publications/ 
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 THE NUMBER OF EACH CLASS OF SECURITIES HELD 
  IN TREASURY: 
---------------------------------------------------------------------------------------------- 
 At 30 June 2017 the Company held 3,012,349 treasury 
  shares. 
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This information is provided by RNS

The company news service from the London Stock Exchange

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June 30, 2017 09:00 ET (13:00 GMT)