AIM Schedule One - Avingtrans Plc (9414N)
August 14 2017 - 9:30AM
UK Regulatory
TIDMAVG
RNS Number : 9414N
AIM
14 August 2017
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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Avingtrans plc ("Avingtrans", the "Existing
Group" or the "Company")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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Chatteris Business Park, Chatteris, Cambridgeshire
PE16 6SA
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COUNTRY OF INCORPORATION:
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UK
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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www.avingtrans.plc.uk
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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:
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Admission is being sought as a result of the
proposed reverse takeover of Hayward Tyler Group
plc ("HTG" or the "HTG Group" and, following
completion of the acquisition by Avingtrans,
the "Enlarged Group"). The Company's main country
of operation is the UK.
Information on Avingtrans
Avingtrans is a precision engineering group,
operating in differentiated, specialist niches
in the supply chains of engineering original
equipment manufacturers. Its core strategy is
to buy and build market-leading niche positions
in its chosen market sectors (currently energy
and medical) and then ultimately divest in order
to deliver shareholder value.
The Existing Group's current operations are
focused on safety critical equipment for the
energy and medical markets. The Directors are
developing the Existing Group's position as
a supplier of energy industry process modules,
vertically integrating this capability with
the vessel manufacturing capability at Metalcraft.
This same vertical integration capability lends
itself to the nuclear decommissioning, life
extension and "new nuclear" markets, as well
as a variety of other niches in the renewable
energy sector.
Information on HTG
HTG Group is focused on delivering performance-critical
solutions to meet current and future global
energy needs. It designs, engineers, manufactures
and services performance-critical motor, pumping
and power solutions across the global energy
sector. HTG Group has two businesses; Hayward
Tyler and Peter Brotherhood, which employ over
500 staff globally and trade from facilities
in the UK, the USA, China and India.
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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):
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Up to 30,706,123 ordinary shares of 5p at an
issue price of approximately 245p. No restrictions
as to the transfer of ordinary shares. No ordinary
shares held in treasury.
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
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Anticipated market capitalisation on admission:
c. GBP75 million (depending on the prevailing
mid-market share price of the Company immediately
prior to admission). No capital to be raised
on admission.
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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13.03 per cent.
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
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The ordinary shares of Avingtrans are not admitted
to trading on any other exchange or trading
platform, nor has any such application been
made.
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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):
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Directors:
Roger Steven McDowell (Chairman)
Stephen (Steve) McQuillan (Chief Executive Officer)
Stephen Michael King (Chief Financial Officer)
Dr Graham Kenneth Thornton (Non-Executive Director)
Leslie James Thomas (Non-Executive Director)
Proposed director:
Ewan Wade Royston Lloyd-Baker (Non-Executive
Director)
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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):
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Prior to Admission Post-Admission
No. of Percentage No. of Percentage
shares held shares held(1)
held held
Nigel Wray 3,019,553 15.8 3,019,553 9.8
Funds managed by
Unicorn Asset Management
Ltd 1,660,800 8.7 1,946,141 6.3
Roger McDowell 1,406,409 7.3 1,406,409 4.6
RBC Trustees 1,393,250 7.3 1,393,250 4.5
Philip McDowell's
pension fund 1,213,205 6.3 1,213,205 4.0
LGT Bank 1,016,950 5.3 1,016,950 3.3
Close Brothers
Asset Management 875,959 4.6 875,959 2.9
Harwood Capital Nil Nil 1,892,745 6.2
(1) Assuming up to 11,535,000 New Ordinary Shares
are issued in connection with the Acquisition
of Hayward Tyler Group plc
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
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None
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(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:
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(i) 31 May
(ii) 30 November 2016 in respect of Avingtrans
plc
31 March 2017 in respect of Hayward Tyler Group
plc
(iii) 30 November 2017 (in respect of the final
results of Avingtrans for the year to 31 May
2017)
28 February 2018 (in respect of the interim
results of Avingtrans for the six-months to
30 November 2017)
30 November 2018 (in respect of the final results
of Avingtrans for the year to 31 May 2018)
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EXPECTED ADMISSION DATE:
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1 September 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Nplus1 Singer Advisory LLP
One Bartholomew Lane
London
EC2N 2AX
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NAME AND ADDRESS OF BROKER:
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Nplus1 Singer Advisory LLP
One Bartholomew Lane
London
EC2N 2AX
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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:
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N/A
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DATE OF NOTIFICATION:
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14 August 2017
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NEW/ UPDATE:
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New
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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