Admission to AIM
System C Healthcare Limited
28 June 2005
This announcement and the information contained herein is restricted and is not
for publication, release or distribution in whole or in part in the United
States of America, Canada, Australia, the Republic of Ireland, Japan or
South Africa
System C Healthcare plc
("System C" or the "Company")
First Day of Dealings on AIM
System C Healthcare plc (AIM: SYS), a leading independent provider of IT
implementation solutions for the healthcare sector in England, is pleased to
announce its flotation on AIM today.
A second admission in respect of 11.1 million additional new ordinary shares is
expected to become effective and dealings commence on AIM on 29 June 2005.
• Placing Price of 54p per ordinary share
• Based on the above Placing Price per share and following the second
admission, the market capitalisation of System C will be approximately £47.7
million.
• Net proceeds of the Placing will be approximately £8.5 million for the
Company
• Proceeds will be used primarily to accelerate System C's growth both
organically and, should the opportunity arise, by selective acquisition
Collins Stewart is the Company's nominated adviser and broker.
Contacts:
Maitland 020 7379 5151
Neil Bennett / Brian Hudspith
Collins Stewart 020 7523 8350
Chris Wells / Mark Connelly
About System C
System C is a leading independent provider of IT implementation solutions for
the healthcare sector in England. It offers a range of design, implementation,
project management, service delivery, training and support services. The Company
has a long history of developing and providing healthcare related software
applications to the UK healthcare sector including an integrated range of
clinically based and patient focused software applications to provide Electronic
Patient Records.
System C operates in a rapidly expanding market. The Government has made the
improvement of IT within the NHS a priority and in 2002 introduced the £6.2
billion National Programme for IT for the English NHS. This commitment is in
addition to the annual NHS spend on healthcare IT which is expected to be
approximately £1.2 billion in 2005. The Company has secured significant
contracts with two LSPs as part of the National Programme and the Directors
believe that System C is well positioned to play an increasingly important role
in the continuing development of IT within the UK healthcare sector.
System C's main office is in Maidstone and it has additional offices in
Warrington and Swindon. As at 30 April 2005, System C had 200 employees, of
which 165 were involved in the provision of IT design, development,
implementation, project management and support services to the UK healthcare
sector.
In the financial year ended 31 May 2005, the Directors estimate that System C
generated sales and profits before taxation and exceptional items of not less
than £18.0 million and £3.4 million respectively.
Legal disclaimers
The contents of this announcement, which have been prepared by and are the sole
responsibility of System C Healthcare plc, have been approved by Collins Stewart
Limited solely for the purposes of section 21 of the Financial Services and
Markets Act 2000.
Collins Stewart Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting for System C Healthcare plc in
relation to the proposed flotation and placing and for no one else, and will not
be responsible to anyone other than System C Healthcare plc for providing the
protections offered to their respective clients nor for providing advice in
relation to the proposed flotation and placing.
No offer or invitation to acquire shares in System C Healthcare plc is being
made by or in connection with this announcement. Any such offer will be made
solely by means of the admission document published on 22 June 2005 and any
acquisition of shares should be made solely on the basis of the information
contained in such document and any supplements thereto.
The value of shares can go down as well as up. Past performance is not a guide
to future performance. Persons needing advice should consult a professional
adviser.
This announcement does not contain or constitute an offer of securities for sale
in the United States. The Ordinary Shares have not been, and will not be,
registered under the US Securities Act of 1933 or under the securities law of
any state of the United States. Accordingly, subject to certain exceptions, the
Ordinary Shares may not be offered or sold, directly or indirectly, within the
United States. There will be no public offering of securities in the United
States.
This announcement and the information contained herein are not for publication,
distribution or release in, or into, the United States, Canada, Australia,
Japan, the Republic of Ireland or South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange