AIM Schedule One - Vitesse Media plc (9786W)

TIDMVIS

RNS Number : 9786W

AIM

06 August 2018

 
        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: 
------------------------------------------------------------ 
 Vitesse Media plc (Proposed to be renamed Bonhill 
  Group plc) 
------------------------------------------------------------ 
 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES): 
------------------------------------------------------------ 
 Registered Office and Principal Trading Address: 
  14 Bonhill Street 
  London 
  EC2A 4BX 
------------------------------------------------------------ 
 COUNTRY OF INCORPORATION: 
------------------------------------------------------------ 
 United Kingdom 
------------------------------------------------------------ 
 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
------------------------------------------------------------ 
 www.vitessemedia.com (to change to www.bonhillplc.com 
  at admission) 
------------------------------------------------------------ 
 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: 
------------------------------------------------------------ 
 Vitesse Media plc (the "Company" or "Vitesse") 
  is an AIM-quoted leading B2B media business 
  specialising in three key areas: Business Information, 
  Live Events and Data & Insight in three key 
  sectors: Technology, Financial Services and 
  Diversity. Vitesse's ambition is to create content 
  that informs, communities that engage and brands 
  that inspire in order to enable a better business 
  environment for our sponsors and clients. 
 
  The Company has announced that it has entered 
  into a conditional agreement to acquire the 
  trade and assets of InvestmentNews, a market 
  leading Business Information and Data & Insight 
  brand supporting the US financial adviser and 
  wealth manager community (the "Acquisition"). 
  The Acquisition constitutes a reverse takeover 
  pursuant to Rule 14 of the AIM Rules for Companies 
  and, as such, is subject to shareholders' approval 
  at a general meeting. 
 
  The Company's existing main country of operation 
  is the UK and following completion of the proposed 
  reverse takeover, the US will also be a country 
  of significant operations for the Company. 
------------------------------------------------------------ 
 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): 
------------------------------------------------------------ 
 29,098,437 new ordinary shares of nominal value 
  of 1p each in the Company ("New Ordinary Shares") 
  at an issue price of 80 pence per New Ordinary 
  Share. This will follow a proposed 1 for 40 
  share reorganisation, which will result in an 
  issued ordinary share capital of 4,301,541 ordinary 
  shares of nominal value of 1p each in the Company 
  immediately prior to the issuance of the New 
  Ordinary Shares. 
 
  There will be no restrictions as to the transfer 
  of the New Ordinary Shares and no New Ordinary 
  Shares will be held in treasury. 
------------------------------------------------------------ 
 CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY 
  OFFERING) AND ANTICIPATED MARKET CAPITALISATION 
  ON ADMISSION: 
------------------------------------------------------------ 
 Capital to be raised on admission: GBP18.6 million 
  (before expenses) 
 
  Anticipated market capitalisation on admission: 
  GBP26.7 million 
------------------------------------------------------------ 
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
------------------------------------------------------------ 
 
   37.0 per cent. 
------------------------------------------------------------ 
 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES 
  OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED: 
------------------------------------------------------------ 
 None 
------------------------------------------------------------ 
 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): 
------------------------------------------------------------ 
 There are no new proposed directors as a result 
  of the Acquisition. The Directors of the Company 
  will remain as follows: 
 
  Nileshbhai (Neil) Jayantilal Sachdev - Non-Executive 
  Director 
  Simon Leslie Stilwell - Chief Executive Officer 
  David Anthony Brown - Group Finance Director 
  Nicola (Niki) Jane Dowdall - MD-Events and Marketing 
  Anne Elizabeth Donoghue - Non-Executive Director 
  Fraser James Gray - Non-Executive Director 
------------------------------------------------------------ 
 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): 
------------------------------------------------------------ 
 Before Admission: 
   Shareholder                     Shares       % 
  ------------------------------  -----------  ------ 
   Anthony Cross                   32,000,000   18.60 
  ------------------------------  -----------  ------ 
   Simon Stilwell                  17,500,000   10.17 
  ------------------------------  -----------  ------ 
   David & Monique Newlands        13,500,000   7.85 
  ------------------------------  -----------  ------ 
   City Financial Investment 
    Company Limited                13,313,200   7.74 
  ------------------------------  -----------  ------ 
   Herald Investment Management 
    Limited                        13,089,631   7.61 
  ------------------------------  -----------  ------ 
   Killik & Co LLP                 10,982,279   6.38 
  ------------------------------  -----------  ------ 
   Peter James Tracey              10,000,000   5.81 
  ------------------------------  -----------  ------ 
   Christopher John Ingram         8,387,597    4.87 
  ------------------------------  -----------  ------ 
   David Smith                     7,368,421    4.28 
  ------------------------------  -----------  ------ 
 
 
 
  After Admission: 
   Shareholder                     Shares      % 
  ------------------------------  ----------  ------ 
   Crain Communications, 
    Inc.                           3,815,338   11.42 
  ------------------------------  ----------  ------ 
   Unicorn Asset Management 
    Limited                        3,790,000   11.35 
  ------------------------------  ----------  ------ 
   Schroders Investment 
    Management Limited             3,750,000   11.23 
  ------------------------------  ----------  ------ 
   Herald Investment Management 
    Limited                        3,302,240   9.89 
  ------------------------------  ----------  ------ 
   Downing LLP                     3,236,250   9.69 
  ------------------------------  ----------  ------ 
   Legal & General Investment 
    Management Limited             3,062,500   9.17 
  ------------------------------  ----------  ------ 
   Anthony Cross                   1,612,500   4.83 
  ------------------------------  ----------  ------ 
   Peter James Tracey              1,125,000   3.37 
  ------------------------------  ----------  ------ 
   David & Monique Newlands        1,087,500   3.26 
  ------------------------------  ----------  ------ 
------------------------------------------------------------ 
 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
------------------------------------------------------------ 
 The Company will pay fees to its remuneration 
  consultants, h2glenfern Limited and MM&K relating 
  to advice and assistance connected to the establishment 
  of a new share option scheme. 
------------------------------------------------------------ 
 (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: 
------------------------------------------------------------ 
 
      i) Current accounting reference date is 31 March. 
      To be changed to 31 December following admission 
 
      ii) InvestmentNews' HFI prepared to 31 December 
      2017, 31 December 2016 and 31 December 2015 
 
      iii) Unaudited interim results for the 6-month 
      period ending 30 September 2018 to be published 
      by 31 December 2018; audited results for the 
      9 months ending 31 December 2018 to be published 
      by 30 June 2019; and unaudited results for the 
      6 months ending 30 June 2019 to be published 
      by 30 September 2019. 
------------------------------------------------------------ 
 EXPECTED ADMISSION DATE: 
------------------------------------------------------------ 
 17 August 2018 
------------------------------------------------------------ 
 NAME AND ADDRESS OF NOMINATED ADVISER: 
------------------------------------------------------------ 
 
   Stockdale Securities Limited 
   100 Wood Street 
   London 
   EC2V 7AN 
------------------------------------------------------------ 
 NAME AND ADDRESS OF BROKER: 
------------------------------------------------------------ 
 Stockdale Securities Limited 
  100 Wood Street 
  London 
  EC2V 7AN 
 
  And 
 

  Canaccord Genuity Limited 
  88 Wood Street 
  London 
  EC2V 7QR 
------------------------------------------------------------ 
 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: 
------------------------------------------------------------ 
 The Admission Document is available at www.vitessemedia.com 
  (or www.bonhillplc.com from admission). 
------------------------------------------------------------ 
 THE CORPORATE GOVERNANCE CODE THE APPLICANT 
  HAS DECIDED TO APPLY 
------------------------------------------------------------ 
 The Board has chosen to adopt the QCA Corporate 
  Governance Code. 
------------------------------------------------------------ 
 DATE OF NOTIFICATION: 
------------------------------------------------------------ 
  6 August 2018 
------------------------------------------------------------ 
 NEW / UPDATE 
------------------------------------------------------------ 
 NEW 
------------------------------------------------------------ 
 

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August 06, 2018 12:30 ET (16:30 GMT)