AIM Schedule One - AdvancedAdvT Limited (6739X)
22 December 2023 - 7:00PM
UK Regulatory
TIDMADVT
RNS Number : 6739X
AIM
22 December 2023
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:
AdvancedAdvT Limited
(the "Company", and its subsidiaries from time to time being
the "Group") (AIM: ADVT)
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
Commerce House
Wickhams Cay 1
P.O. Box 3140, Road Town
VG1110
Tortola
British Virgin Islands
11 Buckingham Street
London
WC2N 6DF
United Kingdom
COUNTRY OF INCORPORATION:
British Virgin Islands
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
www.advancedadvt.com
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:
The Company was incorporated on 31 July 2020 in accordance
with the laws of the British Virgin Islands with an indefinite
life and is domiciled in the United Kingdom (i.e. the Company
is tax resident in the United Kingdom by virtue of being centrally
managed and controlled in the United Kingdom). The Company
was admitted to trading on the standard listing segment of
the Official List of the London Stock Exchange on 4 December
2020.
The Group's strategy is centred around backing sectors characterised
by long term digitisation trends, that are in early stages
of adoption and set to transform the workplace for professionals
for the next few decades. Embracing a long-term perspective,
the aim is to build a lasting and thriving business. This thinking
shapes how investment is deployed on both M&A and within the
platform businesses, in order to develop relationships with
clients and partners and with a strategy centred around business
and digital transformation and continuous improvement.
This strategy revolves around evaluating high-quality businesses
in the pipeline, based on a set of key characteristics. These
characteristics align with the management team's vision and
will enable businesses to consistently generate long-term value.
The Company seeks businesses with:
-- high recurring revenue streams and good forward visibility;
-- sticky customer retention;
-- mission critical products and services;
-- sectors with high barriers to entry;
-- opportunities for both organic and inorganic growth;
-- strong cash generation; and
-- highly fragmented industries with opportunities for consolidation.
On 8 June 2023, the Company announced the conditional agreement
to acquire 5 companies from Capita plc for a combined enterprise
value of approximately GBP33 million in cash. In addition to
organic growth, the Board believes that the acquisitions will
create a platform to develop the Company by exploring growth
opportunities in synergistic sectors and by targeted investment
and M&A activities. On 31 July 2023, the acquisitions had completed.
On 21 November 2023, ADV Holding Group Limited, a subsidiary
of the Company, entered into an agreement for the sale of one
of the five companies acquired, Synaptic Software Ltd, to Fintel
IQ Limited in order to enable the business to have a more strategically
aligned owner. The disposal is conditional upon, inter alia,
the approval of the change of ownership by the FCA.
Subsequent to the disposal, the four companies operate across
two fundamental business transformational areas: business solutions
and human capital management. Through these core specialisms,
the Group delivers innovative software solutions and a platform
that enables businesses and organisations to succeed in today's
dynamic landscape whilst providing an enabler for digital transformation.
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):
Name and nominal value of the securities: ordinary shares of
no par value in the capital of the Company ("Ordinary Shares").
Number of Ordinary Shares on Admission: 133,200,000
Issue price per Ordinary Share: The Ordinary Shares were suspended
from trading on 8 June 2023 at a price of 82 pence
There are no restrictions as to the transfer of the Ordinary
Shares.
No Ordinary Shares will be held in treasury on Admission.
CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
Total capital to be raised on Admission: Nil
Anticipated market capitalisation on Admission: c. GBP109 million
(based on the pre suspension price of 82 pence per Ordinary
Share)
PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
43.57%
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:
Not applicable.
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):
Vinodka ("Vin") Murria OBE (Executive Chairperson)
Gavin John Hugill (Chief Financial Officer)
Karen Louise Chandler (Chief Operating Officer)
Mark Irvine John Brangstrup Watts (Non-Executive Director)
Paul David Gibson (Independent Non-Executive Director)
Barbara Ann Firth (Senior Independent 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):
Shareholder % of issued % of issued
share capital share capital
prior to Admission on Admission
Marwyn Investment Management 15.41% 15.41%
-------------------- ---------------
BGF Investment Management Limited 15.02% 15.02%
-------------------- ---------------
Vin Murria OBE & Sunil Bhalla 13.14% 13.14%
-------------------- ---------------
Artemis Investment Management 8.07% 8.07%
-------------------- ---------------
CRUX Asset Management 6.19% 6.19%
-------------------- ---------------
Amati Global Investors Limited 6.01% 6.01%
-------------------- ---------------
Investec Wealth & Investment 5.30% 5.30%
-------------------- ---------------
Gresham House Asset Management
Limited 5.06% 5.06%
-------------------- ---------------
Chelverton Asset Management
Limited 4.50% 4.50%
-------------------- ---------------
Canaccord Genuity Group Inc 3.34% 3.29%
-------------------- ---------------
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (H) OF THE AIM RULES:
None.
(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) 30 June, but to be changed to 28 February from Admission
(first period will be to 29 February 2024)
(ii) 30 June 2023
(iii) 31 March 2024 (unaudited interim results for the 6 months
to 31 December 2023)
31 August 2024 (audited consolidated annual report for the
eight months to 29 February 2024)
30 November 2024 (unaudited interim results for the 6 months
ended 31 August 2024)
EXPECTED ADMISSION DATE:
10 January 2024
NAME AND ADDRESS OF NOMINATED ADVISER:
Singer Capital Markets Advisory LLP
1 Bartholomew Lane
London
EC2N 2AX
NAME AND ADDRESS OF BROKER:
Singer Capital Markets Securities Limited
1 Bartholomew Lane
London
EC2N 2AX
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:
A copy of the Admission Document containing full details about
the applicant and the admission of its securities will be available
on the Company's website at:
https://advancedadvt.com
THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO
APPLY
The Quoted Companies Alliance (QCA) Corporate Governance Code.
DATE OF NOTIFICATION:
22 December 2023
NEW/ UPDATE:
NEW
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END
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