XSN Xsn

    RNS Number : 2306Y
  AIM
  03 July 2008
   

 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:
 XSN plc (To be renamed MarineTrack Holdings plc)

 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS
 (INCLUDING POSTCODES) :
 Halliwells LLP, 1 Threadneedle Street, London, EC2R 8AY

 COUNTRY OF INCORPORATION:
 England and Wales

 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

 www.xsn-plc.co.uk
 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN
 INVESTING COMPANY, DETAILS OF ITS INVESTING STRATEGY).  IF THE ADMISSION IS
 SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
 STATED:
 XSN plc is an investing company. Subject to shareholder approval, XSN plans
 to acquire the entire issued share capital MarineTrack Limited
 ("MarineTrack").


 MarineTrack is a privately owned company, registered and based in England and
 carrying on a telematics business supplying tracking, alert, alarm,
 monitoring and messaging solutions mainly to the commercial and recreational
 maritime markets. These solutions, which integrate hardware and software,
 utilise global positioning systems ("GPS") to identify the location and
 movements of marine vessels, as well as monitoring their operational status
 against pre-determined parameters. This information is communicated via the
 INMARSAT satellite network and presented to users via a web-based interface.


 MarineTrack buys satellite transceiver modems with a built in GPS receiver
 from third party suppliers, principally Skywave. MarineTrack programmes the
 transceivers to communicate with a web interface via the INMARSAT D+
 satellite network. Information is communicat
 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):
 640,495,580 Ordinary Shares of 0.01p

 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET
 CAPITALISATION ON ADMISSION:
 No capital being raised at Re-Admission.
 Anticipated Market Cap of �2,562,000

 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
 68.60%

 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:
 N/A

 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):
 James Montford Butterfield - Proposed Non-executive Chairman
 Stuart Nicholls - Proposed Chief Executive
 Philip Self - Proposed Finance Director
 Andrew John Haffenden - Proposed Operations Director
 Duncan John Lipscombe - Proposed Non-executive Director
 David Keith Elstein - Non-executive Chairman of XSN, proposed Non-executive
 Director following Re-Admission
 Adam Nicholas Singer - Non-executive Director of XSN, to stand down following
 Re-Admission

 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):
                                 Prior to Admission                          Following Admission
                                   Number of Ordinary   Percent of existing    Number of Ordinary  Percent of existing share capital
                                               shares         share capital                shares

 David Elstein                   13,698,412            21.52%                46,574,601            7.27%
 Giltspur Nominees Limited       11,061,000            17.38%                37,607,400            5.87%
 W B Nominees Limited            9,958,000             15.65%                33,857,200            5.29%
 Zyzygy plc                      -                     -                     196,346,961           30.66%
 Billam AG                       -                     -                     96,498,121            15.07%
 Jemima Hoskins                  -                     -                     25,442,636            3.97%
 Nominees Limited                -                     -                     20,625,000            3.22%
 David Johnston                  3,000,000             4.71%                 10,200,000            1.59%
 Nominees (UK) Limited           2,870,000             4.51%                 9,758,000             1.52%
 Pershing Keen Nominees Limited  2,453,000             3.85%                 8,340,200             1.30%



      NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
      None



       1.     ANTICIPATED ACCOUNTING REFERENCE DATE 
       2.     DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)
       3.     DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
      i) 31 December
      ii) 31 December 2007
      iii) Interim results to 30 June 2008, by 30 September 2008
        Annual results to 31 December 2008, by 30 June 2009
        Interim results to 30 June 2009, by 30 September 2009

      EXPECTED ADMISSION DATE:
      29 July 2008

      NAME AND ADDRESS OF NOMINATED ADVISER:
      Grant Thornton UK LLP
      30 Finsbury Square
      London
      EC2P 2YU

      NAME AND ADDRESS OF BROKER:
      Dowgate Capital Stockbrokers Limited
      Talisman House
      Jubilee Walk
      Three Bridges
      West Sussex
      RH10 1LQ

      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:
      www.xsn-plc.co.uk


      DATE OF NOTIFICATION:
      3 July 2008

      NEW/ UPDATE:
      NEW





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