World Trade Systems PLC Update on listing, new business and address (1550C)

TIDMWTS

RNS Number : 1550C

World Trade Systems PLC

17 January 2018

World Trade Systems PLC

17 January 2018

WORLD TRADE SYSTEMS PLC ("WTS plc" or the "Company")

UPDATE ON LISTING, NEW BUSINESS AND REGISTERED ADDRESS

The board of WTS plc is pleased to announce the following update on the Company's listing, ongoing development of new business activities and change of registered address.

   1)    Listing and New Company 

We are pleased to inform you that the Company is now proposing to apply to list on The International Stock Exchange (TISE) by way of a transaction involving a new company (NewCo plc, as defined below). TISE is a global exchange, internationally recognised and a regulated market with a premier location headquartered in the British Isles. Shareholders will be kept informed on significant developments during this time. We look forward to all shareholders support in this endeavour.

With effect from 16 January 2018, the Company has appointed Carey Olsen Corporate Finance Ltd (COCFL) as TISE listing sponsor to NewCo plc in connection with the proposed listing. As sponsor, COCFL will act as an intermediary between the Company, NewCo plc and TISE in relation to a proposed TISE application and will be responsible for preparing and lodging that application. BDO will remain financial advisor to WTS plc as the Company maintains its suspended listed status on the premium segment of the London Stock Exchange.

In relation to the application for listing on TISE, NewCo plc will be incorporated in the United Kingdom. It is intended that NewCo plc will acquire all WTS plc business and assets (subject to the requirement of the Listing Rules and subject to approval of WTS plc shareholders). It is expected that WTS plc shareholders will receive NewCo plc shares as a dividend in specie in respect of the sale of WTS plc business and assets to NewCo plc. NewCo plc will apply to TISE in relation to listing NewCo plc's shares. Please await further details which will be provided in a circular to shareholders as the application progresses further.

It is intended that the directors of NewCo plc will be Mr Tony Hoskinson (Non Executive Chairman), Mr AKM Ismail and Ms Ellen Lu (who are also directors of WTS plc) and additionally Mr Malcolm Groat.

Mr Malcolm Groat will be appointed to the board of NewCo plc as a non-executive director and be a member of the Audit, Nomination and Remuneration board committees. Mr Groat has worked for many years as a consultant to companies in technology, natural resources, and general commerce. Previously, following an early career with PwC in London, he held CFO, COO, and CEO roles in established international businesses including Executive Chairman at Med Mining and Minerals Ltd and Group FD and COO of E C Harris LLP. Mr Groat is a Fellow of the Institute of Directors, Fellow of the Royal Society for the encouragement of Arts, Manufactures and Commerce, and Fellow of the Institute of Chartered Accountants in England and Wales. He holds degrees from the universities of St Andrews (MA) and Warwick (MBA).

Mr Groat has commented: "I am delighted to be joining the Board of NewCo plc which will be incorporated to acquire the business and assets of World Trade Systems plc, especially at a time as the Company begins to implement an aspiring future growth strategy. I am confident that I am joining a company that will combine both an excellent management team with a well-defined strategy for expanding its business internationally. I am looking forward to helping NewCo achieve a vision to become a 'gateway to China', not just within the health food sector, but expanding into wider health services through an expanding portfolio of European and international partners."

   2)    New Business Activities 

Further to the Company's previous announcement dated 27 December 2017, the Board of WTS plc is pleased to announce an update on the development and implementation of the Company's business strategy to expand its international revenue generation from healthcare services in addition to healthcare products.

Further progress is being made on this expanded global strategy in relation to the previous announcement regarding Humanio GmbH (a German company involved in the operation of a day clinic for biological medicine, including the provision of accommodation and incorporating a cell therapy clinic and analysis laboratory for the production of internationally sought-after cell preparations). Having come to an agreement with Humanio to bring clients from Asia to Germany, WTS plc can now announce it has begun to implement this objective and plans to incorporate a new wholly foreign-owned subsidiary in Taiwan ('WTS Taiwan') which will assist in the marketing and sales of the Humanio service to Taiwanese customers. WTS Taiwan hopes to begin developing its operations and commence trading this quarter.

   3)    Change of Registered Address 

World Trade Systems plc announces that its registered office has changed to Lexham House, 14A Hill Avenue, Amersham, United Kingdom, HP6 5BW with effect from 16 January 2018.

For further information, please contact: AKM Ismail, Executive Director: [e-mail]

Information on WTS plc

WTS plc is a global health company headquartered in the UK with a vision to be a 'gateway to China' for foreign health food companies. Currently WTS plc's main business operations are the development, and distribution of health food products targeting mid/high end consumers. Having previously had no business activities for a number of years, the Company began its current business activities in July of 2016 when WTS China was established and began operations.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 17, 2018 07:26 ET (12:26 GMT)