TIDMNWOR
RNS Number : 4689X
National World PLC
04 May 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
This announcement is an advertisement and not a prospectus.
Neither this announcement nor anything contained herein shall form
the basis of, or be relied upon in connection with, any offer or
commitment whatsoever in any jurisdiction. Investors should not
purchase any transferable securities referred to in this
announcement except on the basis of information contained in the
prospectus (the "Prospectus") in its final form that is published
by National World plc in connection with the admission of ordinary
shares of nominal value 0.1 pence each in the capital of the
Company (the "Ordinary Shares") to listing on the standard segment
of the Official List of the Financial Conduct Authority (the "FCA")
and to trading on the main market for listed securities (the "Main
Market") of London Stock Exchange plc (the "London Stock
Exchange"). This announcement is not an offer to sell, or a
solicitation of an offer to acquire, securities in the United
States, Australia, Canada, Japan, the Republic of South Africa or
in any other jurisdiction.
National World plc
( " National World, " or the "Company")
Publication of Prospectus
National World (LSE: NWOR), which is implementing a strategy of
technology-driven news publishing with the objective of
transforming the sector through acquisition and partnership, is
pleased to announce the publication of its Prospectus in relation
to the admission of its Ordinary Shares to listing on the standard
segment of the Official List of the FCA and to trading on the Main
Market of the London Stock Exchange (together, the
"Admission").
Trading in the Company's 54,000,000 existing Ordinary Shares was
suspended on 2 December 2019 as a result of media speculation that
the Company was considering acquiring JPIMedia Publishing Limited
("JPIMedia Publishing"). On 31 December 2020, National World
announced that it had acquired JPIMedia Publishing and its
subsidiaries (the "JPI Group") (the "Acquisition"), owner of 13
regional and city daily newspapers and over one hundred other
franchises in print and online, from JPIMedia Limited. The
Acquisition was classified as a "reverse takeover" under the
Listing Rules and completed on 2 January 2021.
The Acquisition of the JPI Group and the funds to implement the
Company's plans for its development were financed by the Company's
cash resources of GBP4.2 million, the issue of GBP20 million
convertible secured loan notes (the "Convertible Secured Loan
Notes") and the issue of GBP1 million of unsecured loan notes. At
the time of Admission, the Company will issue 205,432,801 new
Ordinary Shares (the "Conversion Shares") in connection with the
conversion of all of the Convertible Secured Loan Notes at a
conversion price of 11 pence per share (the "Conversion
Price").
The implied market capitalisation of the Company at the
Conversion Price is GBP28.5 million.
Business strategy
The objective of the Company is to create a modern platform for
news publishing through the implementation of a new operating model
across multiple brands and platforms by acquiring a number of media
and digital technology assets, and leveraging its portfolio to
launch new media brands across the UK.
In a world of media commoditisation and increasing domination by
a handful of tech behemoths National World's strategy is to create
a new publishing business model that enables it to "localise,
energise, digitise and monetise" relevant and unique content:
-- Localise - National World's publishing assets provide
compelling content for local communities; both consumers and
businesses. A greater sense of community awareness has also been
generated during the COVID-19 pandemic as more consumers have lived
their lives in a smaller locale. With this new spirit of localism,
National World will ensure its journalists and commercial teams are
more connected with the local communities they serve.
-- Energise - Enhance users' experience of National World's
products and services to increase engagement and provide a strong
platform to leverage its unique quality content to launch new
products and services across multiple platforms. While the print
news-brands will be managed creatively and profitably, National
World's strategic focus is on growing local, regional and national
online audiences who are deeply engaged with its content.
-- Digitise - Enhance National World's digital infrastructure to
improve responsiveness, engagement, data analytics, AI content
generation and user insights with a view to profitability.
-- Monetise - Create enhanced first party data and use the
latest available digital technology to more effectively define
audiences to drive multiple digital revenue streams: digital
display advertising - targeting growth in higher yielding video
content and local digital advertising, digital subscription -
targeting both consumers and businesses, and driving e-commerce by
focusing on specific categories of content.
David Montgomery, Executive Chairman, said:
"We have implemented our localisation strategy at JPI Group and
are engaged in a number of launches and relaunches both in print
and online.
"This will extend our publishing activities across a UK wide
footprint, increase efficiency and grow audience.
"At the same time National World is exploring potential
acquisitions in content and technology businesses to increase scale
and enhance our operating model.
"With the resumption of trading and the issue of Conversion
Shares we welcome new shareholders to the register."
Admission
It is expected that Admission will become effective and that
dealings will commence at 8.00 a.m. on 7 May 2021.
The Prospectus will be available from the Company's registered
office at 201 Temple Chambers, 3-7 Temple Avenue, London EC4Y 0DT,
United Kingdom and online at www.nationalworldplc.com (subject to
applicable securities laws).
An electronic copy of the Prospectus will also be submitted to
the National Storage Mechanism and should be available shortly for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
National World is a public limited company incorporated in
England and Wales with company number 12021298. The Ordinary Shares
are registered with ISIN GB00BJN5J635, SEDOL code BJN5J63, TIDM
"NWOR" and LEI 213800NL4ICLKYSYU749.
- Ends -
For further information please contact:
National World plc
David Montgomery +44 (0)20 7583
Vijay Vaghela 8304
Dowgate Capital Limited - Financial Adviser
and Broker
James Serjeant +44 (0)20 3903
Nicholas Chambers 7715
Alvarium MB (UK) Limited - Financial Adviser +44 (0)20 7195
Zeph Sequeria 1400
Stanhope Capital LLP - Financial Adviser
Nigel Spray
Rakesh Sharma +44 (0)20 7725
Emmanuel Daïen 1800
Montfort Communications - Financial PR & IR
Nick Miles +44 (0)78 1234
Olly Scott 5205
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END
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