Cancellation of Trading on AI

RNS Number : 3011Z

Focus Solutions Group PLC

11 January 2011

 



Press Release

11 January 2011

Focus Solutions Group plc

("Focus" or the "Group")

Announcement of cancellation of trading on AIM and appointment and resignation of directors

Focus Solutions Group plc ("Focus") announces that it has applied to the London Stock Exchange for the cancellation of the trading of Focus shares on the AIM market of the London Stock Exchange ("Cancellation") following the announcement by Standard Life plc ("Standard Life") on 11 January 2011 that the recommended cash offer for Focus by Standard Life has been declared wholly unconditional.

The London Stock Exchange has agreed that shareholder consent in general meeting of Focus, which would otherwise be required pursuant to AIM Rule 41, will not be required as the Cancellation is pursuant to the takeover by Standard Life of the Group which has been declared wholly unconditional in all respects and furthermore that Standard Life has received valid acceptances in respect of more than 75 per cent. of the entire issued ordinary share capital of Focus.

It is currently anticipated that cancellation of trading will take effect at 7 a.m. on 9 February 2011.

It is anticipated that, after the cancellation of trading, Focus will be re-registered as a private company under the relevant provisions of the Companies Act 2006.

Focus shareholders who have not accepted the offer should note that cancellation is likely to reduce significantly the liquidity and marketability of Focus shares not acquired under the offer. Once cancellation has taken effect, Focus shareholders will no longer be able to effect transactions in Focus shares on AIM.

In addition to the announcement of its cancellation of trading on AIM, Focus also announces the following changes to its board of directors:

Mr Alastair Macleod Taylor has resigned from the board of directors with effect from 11 January 2011.

Mr John Bernard Streets has resigned from the board of directors with effect from 11 January 2011.

Mr Martin Fiennes has resigned from the board of directors with effect from 11 January 2011.

Mr Nicholas John Habgood has resigned from the board of directors with effect from 11 January 2011.

Mr Ronald James Whatford has resigned from the board of directors with effect from 11 January 2011.

Mr Francis Murray has resigned from the board of directors with effect from 11 January 2011.

Mr Christian Roy Torkington has been appointed as a director of Focus with effect from 11 January 2011.

Mr Paul Stephen Matthews has been appointed as a director of Focus with effect from 11 January 2011.

In accordance with schedule 2(g) of the AIM Rules, Focus provides the following information in respect of the appointment of Christian Torkington, aged 48, and Paul Matthews, aged 50, to the board of directors of Focus:

Christian Torkington

Current directorships:

Standard Life Employee Services Limited

Standard Life Assurance Limited

Previous directorships in the last 5 years:

Student Loans Company Limited

Abbey Life Assurance Company Limited

Scottish Widows Administration Services Limited

Scottish Widows Annuities Limited

Scottish Widows Annuities Limited

Scottish Widows Financial Services Holdings

Scottish Widows Fund Management Limited

Scottish Widows Group Limited

Scottish Widows PLC

Scottish Widows PLC

Scottish Widows Services Limited

Scottish Widows Trustees Limited

Scottish Widows Trustees Limited

Scottish Widows Unit Trust Managers

Scottish Widows Unit Trust Managers Limited

Lloyds TSB Financial Services Limited

Abbey Life Trustee Services Limited

Antelope Pension Trustee Services Limited

Hill Samuel Investment Services Group Limited

Hill Samuel Investment Services Limited

HSLA Residual Assets Limited

Pensions Management (S.W.F.) Limited

Silicia Limited

SW (No.6) Limited

Abbey Life Pension and Annuities Limited

Abbey Life Services Limited

Antelope Life Assurance Company Limited

FAS Limited

Gisborne Life Assurance Company Limited

H.S.L Facilities Limited

Hill Samuel Professional Adviser Services

Jetastute Limited

NLA Tower Management

SW (No.5) Limited

SW (No.7) Limited

Paul Matthews

Current directorships: 

Standard Life Assurance Limited

Standard Life Client Management Limited

Standard Life Wealth Limited

Standard Life Investments Funds Limited

Standard Life Pension Funds Limited

Vebnet (Holdings) Limited

Vebnet Limited

Previous directorships in the last 5 years:

IFA Promotion Limited

Prudential Health Insurance Limited

Standard Life Healthcare Services Limited

No other information is required to be disclosed pursuant to Rule 17 and Schedule 2(g) of the AIM Rules.

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Enquiries:

For further information:

Focus Solutions Group plc Richard Stevenson Martin Clements	Tel: [phone] www.focus-solutions.co.uk
FinnCap (Nominated Advisor to Focus) Marc Young / Charlotte Stranner Simon Starr (broking)	Tel: [phone] www.finncap.com
Media enquiries: Abchurch Communications Ltd. (PR adviser to Focus) Joanne Shears / Mark Dixon [e-mail]	Tel: [phone] www.abchurch-group.com

Notes to editors:

About Focus Solutions Group plc

Focus Solutions is an established and proven supplier of multi-channel distribution solutions to the global financial services industry.

Focus has delivered over 100 complex front office projects with multiple integration points and partners to a blue chip client base including 8 out of the top 10 UK Life & Pension providers, a number of leading bancassurers including the likes of HSBC and Irish Life, significant wealth management players such as St James's Place and a number of mortgage providers. The technology truly enables straight through processing whilst providing an engaging client and adviser experience to submit and service business electronically. 

focus:360° is at the core of all client implementations providing a single, agile, multi-channel technology platform. Focus has brought together three key areas of expertise: software, consultancy and service delivery. This totally integrated approach means clients can distribute any product across any channel. At the same time they can maintain an enterprise-wide view of the customer value and risk.

For further information on Focus Solutions, please visit www.focus-solutions.co.uk 

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