ASTR Astaire Grp

 

TIDMEVOL TIDMASTR 
 
RNS Number : 1196K 
Evolve Capital PLC 
13 April 2010 
 

                               Evolve Capital PLC 
 
                               ("Evolve Capital") 
 
                          Suspension of trading on AIM 
 
Following the announcement made by Astaire Group Plc ("Astaire" or "Company") 
today and reproduced below, Evolve Capital has requested a temporary suspension 
of trading in its ordinary shares on AIM pending a further announcement by 
Astaire. 
 
"Astaire announces that it has become aware, following the posting of the Offer 
document for Hoodless Brennan Holdings Plc ("HBH"), of potentially irrecoverable 
debtor balances of up to GBP1.4 million during the audit, for the year ending 31 
December 2009, of its retail stock broking subsidiary, Rowan Dartington & Co 
Limited ("RD"). 
 
The debtor balances concerned, the bulk of which appear to pre-date the 
acquisition of a majority stake in Astaire by Evolve Capital plc, relate to RD's 
own money and not client money or assets which are segregated. 
 
The position as regards such debtors does not impact on RD's current cash flow 
projections, as no reduction in such debtors was anticipated. Any deficiency in 
regulatory capital in RD, which would arise in the event of these debtors being 
treated as wholly irrecoverable, is capable of being made good from Astaire's 
own resources. 
 
However the current difficulty in verifying the relevant debtor balances does 
impact on the risk weighted calculations undertaken by Astaire, and required by 
FSA, as part of the Controller Permission application for HBH. The Astaire 
directors believe that such risk weighted calculations (known as an ICAAP) would 
not show a sufficiency of available resources for the enlarged group following 
the acquisition of HBH under the existing terms of the Offer announced on 10 
February 2010. Accordingly Astaire are currently unable to fully respond to the 
requirements of FSA as regards progressing such Controller Permission 
application. 
 
In light of the above, the directors of Astaire have brought forward the right 
of HBH Shareholders who have already accepted the Offer to withdraw their 
acceptances to today.  A form of revocation will be sent to HBH Shareholders 
shortly but until received they may also withdraw their acceptance by writing to 
that effect to Share Registrars, Suite E, First Floor, 9 Lion and Lamb Yard, 
Farnham, Surrey GU9 7LL.  The Offer, which remains subject to the terms and 
conditions set out or referred to in the offer document published on 9 March 
2010, is being extended and will remain open for acceptance until the next 
closing date which will be 1.00 p.m. (London time) on 8 May 2010.  The right of 
withdrawal will remain open to HBH Shareholders until the earlier of the offer 
becoming or being declared unconditional as to acceptances or 1.00pm on 8 May 
2010. 
 
Astaire has requested a temporary suspension of trading in its ordinary shares 
on AIM pending a further announcement." 
 
Enquiries: 
 
Evolve Capital PLC 
Edward Vandyk 
Tel: 020 7937 4445 
 
Fairfax I.S. PLC 
Nominated Adviser 
Ewan Leggat 
Tel: 020 7598 5368 
 
Maitland 
Neil Bennett / George Hudson 
Tel: 020 7379 515 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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