Update on Reverse Acquisition (4922Y)
01 March 2012 - 11:00PM
UK Regulatory
TIDMCMG
RNS Number : 4922Y
Croma Group PLC
01 March 2012
Croma Group Plc ("Croma" or the "Group")
1 March 2012
Update on Reverse Acquisition
Further to the Company's announcement at 7am this morning, Croma
Group Plc, the AIM listed total security solutions provider,
provides an update on the timing and process of the proposed
acquisition of the CSS Companies and the conditional placing as set
out in that announcement.
Expected Timetable of Principal Events
The anticipated dates of the acquisition are set out below.
These dates are subject to change and a further announcement will
be made by the Company as required.
Latest time and date for receipt of forms 10 a.m. on 24 March
of proxy for the General Meeting 2012
------------------------------------------ --------------------
General Meeting 10 a.m. on 26 March
2012
------------------------------------------ --------------------
Share Consolidation Record Date 6 p.m. on 26 March
2012
------------------------------------------ --------------------
Admission and commencement of dealings 8.00am on 27 March
in the Enlarged Share Capital on AIM 2012
------------------------------------------ --------------------
Key Placing Statistics
Should the Resolution be passed at the General Meeting, the
Share Consolidation, details of which are set out in the Company's
Admission Document, will take place prior to the completion of the
Placing, Acquisition and conversion of loan notes. As such, the key
placing statistics are set out below assuming that no further
Ordinary Shares of 0.1 pence each are issued prior to the Share
Consolidation.
Ordinary Shares of 0.1 pence in issue prior
to the Share Consolidation 189,337,850
------------------------------------------------------- ----------------
Ordinary Shares of 5 pence in issue post the
Share Consolidation 3,786,753
------------------------------------------------------- ----------------
Placing Price (per Ordinary Share of 5 pence 75 pence
)
------------------------------------------------------- ----------------
Ordinary Shares of 5 pence being issued pursuant
to the Placing 6,666,666
------------------------------------------------------- ----------------
Ordinary Shares of 5 pence to be issued pursuant
to the conversion of loan notes 766,666
------------------------------------------------------- ----------------
Consideration Shares (being, Ordinary Shares
of 5 pence) to be issued pursuant to the Acquisition 3,282,447
------------------------------------------------------- ----------------
Ordinary Shares of 5 pence in issue immediately
following Admission 14,502,532
------------------------------------------------------- ----------------
Percentage of Enlarged Share Capital being issued
pursuant to the Placing 46.0%
------------------------------------------------------- ----------------
Expected market capitalisation of the Company GBP10.9 million
upon Admission based on the Placing Price
------------------------------------------------------- ----------------
Estimated net proceeds of the Placing receivable GBP4.1 million
by the Company
------------------------------------------------------- ----------------
Should the Resolution be passed at the General Meeting, the
Company will also undergo a change of name to Croma Security
Solutions Group Plc. On Admission, the Company's ordinary shares
will trade under the ISIN number GB00B5MJV178 and new TIDM Code of
CSSG.
For further information visit www.cromagroup.co.uk or
contact:
Croma Group PLC:
Sebastian Morley, CEO Tel: +44 7768 006 909
Nplus1 Brewin LLP (NOMAD):
Sandy Fraser Tel: +44 131 529 0385
Robert Beenstock Tel: +44 20 3201 3710
Derrick Lee Tel: +44 131 529 0277
This information is provided by RNS
The company news service from the London Stock Exchange
END
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