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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
White Young | LSE:WHY | London | Ordinary Share | GB0003869152 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWHY RNS Number : 1485F AIM 06 January 2010 +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | WYG Plc ("WYG" , the "Company" or the "Group") | | | +----------------------------------------------------------------------------+ | COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING | | ADDRESS (INCLUDING POSTCODES) : | +----------------------------------------------------------------------------+ | Arndale Court, Otley Road, Headingley, Leeds, West Yorkshire, LS6 2UJ | | | +----------------------------------------------------------------------------+ | COUNTRY OF INCORPORATION: | +----------------------------------------------------------------------------+ | England | | | +----------------------------------------------------------------------------+ | COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE | | 26: | +----------------------------------------------------------------------------+ | http://www.wyg.com/2investors/investors.php | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | WYG is a multidisciplinary consultant delivering engineering, design, | | project management, town planning and environmental solutions for clients | | across a broad range of sectors including healthcare, education, defence, | | infrastructure and energy. WYG is structured with five business units: | | Engineering; Management Services; Environment, Planning and Transport; WYG | | Ireland; and WYG International. | | Headquartered in the UK, WYG also operates in most of central and eastern | | Europe, Russia and the CIS, Turkey, the Balkans, Central Asia, North and | | Southern Africa, and parts of the Middle East. | | | +----------------------------------------------------------------------------+ | 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): | +----------------------------------------------------------------------------+ | 35,289,886 New Ordinary Shares with a nominal value of 10p each | | There are no restrictions as to the transfer of these securities | | | +----------------------------------------------------------------------------+ | CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET | | CAPITALISATION ON ADMISSION: | +----------------------------------------------------------------------------+ | No capital to be raised on admission | | Based on the current share price the anticipated market capitalisation on | | admission will be c.GBP20m | | | +----------------------------------------------------------------------------+ | PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: | +----------------------------------------------------------------------------+ | 85% | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | 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): | +----------------------------------------------------------------------------+ | Mike McTighe - Non Executive Chairman | | Paul Hamer - Chief Executive Officer | | David Wilton - Group Finance Director | | Robert Barr - Non Executive Director | | David Jeffcoat - Non Executive Director | | Graham Olver - Group Services Director and Company Secretary | | | +----------------------------------------------------------------------------+ | 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 | | 12.64% - Blackrock Investment Management (UK) Limited | | 7.01% - Barclays PLC | | 4.77% - Foreign & Colonial Asset Management plc | | 4.16% - Axa Framlington Investment Management Limited | | After Admission | | 60.5%* - The Lenders (Lloyds Banking Group, Fortis and RBS) | | 24.5% - New Employee Benefit Trust | | * Broken down as follows; | | 25.1% - Lloyds Banking Group | | 22.0% - Fortis | | 13.4% - RBS | | | +----------------------------------------------------------------------------+ | NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, | | PARAGRAPH (H) OF THE AIM RULES: | +----------------------------------------------------------------------------+ | None | | | +----------------------------------------------------------------------------+ | * ANTICIPATED ACCOUNTING REFERENCE DATE * | | DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS | | BEEN PREPARED (this may be represented by unaudited interim financial | | information)* | | DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM | | RULES 18 AND 19: | +----------------------------------------------------------------------------+ | (i) 30th June | | (ii)30th June 2009* | | 1) Six month period to 31st December 2009 - latest date for publication | | 31st March 2010 | | ` 2) Full year results to 30th June 2010 - latest date for publication | | 31st December 2010 | | 3) Six month period to 31st December 2010 - latest date for publication | | 31st March 2011 | | | +----------------------------------------------------------------------------+ | EXPECTED ADMISSION DATE: | +----------------------------------------------------------------------------+ | 4th February 2010 | | | +----------------------------------------------------------------------------+ | NAME AND ADDRESS OF NOMINATED ADVISER: | +----------------------------------------------------------------------------+ | Arbuthnot Securities Limited | | Arbuthnot House | | 20 Ropemaker Street | | London | | EC2Y 9AR | | | +----------------------------------------------------------------------------+ | NAME AND ADDRESS OF BROKER: | +----------------------------------------------------------------------------+ | Arbuthnot Securities Limited | | Arbuthnot House | | 20 Ropemaker Street | | London | | EC2Y 9AR | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | N/A | | | +----------------------------------------------------------------------------+ | DATE OF NOTIFICATION: | +----------------------------------------------------------------------------+ | 6th January 2010 | | | +----------------------------------------------------------------------------+ | NEW/ UPDATE: | +----------------------------------------------------------------------------+ | NEW | | | +----------------------------------------------------------------------------+ | QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: | +----------------------------------------------------------------------------+ | | +----------------------------------------------------------------------------+ | THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH THE APPLICANT'S | | SECURITIES HAVE BEEN TRADED: | +----------------------------------------------------------------------------+ | UK Official List | | | +----------------------------------------------------------------------------+ | THE DATE FROM WHICH THE APPLICANT'S SECURITIES HAVE BEEN SO TRADED: | +----------------------------------------------------------------------------+ | April 28th 1986 | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | WYG has adhered to all legal and regulatory requirements involved in | | having its securities traded upon the UK Official List. | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | http://www.wyg.com/2investors/investors.php | | | +----------------------------------------------------------------------------+ | DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE | | CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING STRATEGY: | +----------------------------------------------------------------------------+ | WYG has developed a three part strategy to respond to the | | challenging conditions in its sector and the wider economic | | environment, and to ensure that the Group is well placed to exploit | | the recovery when it occurs. The key elements of this strategy are: | | * | | To create a 'fit-for-purpose' business. The Group is focused on | | delivering a more streamlined and devolved operating model, | | reshaping the Group into a more efficient operation with a more | | rationalised and competitive cost base. There is an increased focus | | on cash management with further improvements to working capital | | management and rigorous control of capital expenditure; | | * | | To internationalise the WYG Group. The focus for future growth will | | be to expand significantly the Group's international operations, | | transforming the balance of WYG's revenue and offsetting its current | | dependency on the UK and Irish markets; and | | * | | To secure growth in key markets and sectors. The Group will seek to | | leverage areas where WYG already has significant strength and | | expertise, including the education, healthcare and transport | | sectors, providing further strategic and technical focus to grow | | these areas through the harmonisation of Group-wide skills and | | capabilities. WYG will also focus on developing its offering in | | disciplines and sectors where there are attractive long-term growth | | drivers and visible funding streams. | | The Board believes that the increased financial stability and | | strengthened capital structure which the Restructuring provides, | | combined with its three-part strategy, will mean that the Group will | | be well placed to cope with current challenging market conditions | | and ensure that the Group emerges with a more streamlined and robust | | business model focused on its key commercial growth areas. | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | Following the EGM on the 6th January 2010, the Company approved a | | significant restructuring ("Restructuring") of the Company's bank | | facilities, combined with a broader restructuring of the Company's capital | | structure, which includes the conversion of approximately GBP52.9 million | | of the Group's indebtedness into New Ordinary Shares and Preference | | Shares. | | In addition the Company has adopted two new share incentive schemes, being | | the White Young Green Joint Share Ownership Plan 2009 and the White Young | | Green Performance Share Plan 2009. The Lenders have required, as a | | condition to the Restructuring, arrangements are put in place to | | appropriately incentivise certain employees, and the Company has | | determined that the New Share Incentive Plans will best achieve that end. | | New Articles of Association have also been adopted following the | | Restructuring, and a 10 for 1 share consolidation was also approved at the | | EGM. | | | +----------------------------------------------------------------------------+ | 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 have no reason to believe that the working capital available | | to the Group will be insufficient for at least twelve months from the date | | of its Admission. | | | +----------------------------------------------------------------------------+ | DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES: | +----------------------------------------------------------------------------+ | No lock-in arrangements pursuant to Rule 7 of the AIM Rules. | | | +----------------------------------------------------------------------------+ | A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR SETTLING THE APPLICANT'S | | SECURITIES: | +----------------------------------------------------------------------------+ | Settled through CREST (the computerised settlement system operated by | | Euroclear which facilitates the transfer of shares) | | | +----------------------------------------------------------------------------+ | A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING TO THE APPLICANT'S | | SECURITIES: | +----------------------------------------------------------------------------+ | http://www.wyg.com/2investors/investors.php | | | +----------------------------------------------------------------------------+ | INFORMATION EQUIVALENT TO THAT REQUIRED FOR AN ADMISSION DOCUMENT WHICH IS | | NOT CURRENTLY PUBLIC: | +----------------------------------------------------------------------------+ | None | | | +----------------------------------------------------------------------------+ | 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: | +----------------------------------------------------------------------------+ | http://www.wyg.com/2investors/investors.php | | | +----------------------------------------------------------------------------+ | THE NUMBER OF EACH CLASS OF SECURITIES HELD IN TREASURY: | +----------------------------------------------------------------------------+ | None | +----------------------------------------------------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END PAASSDFMMFSSEEF
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