AIM Cancellation

RNS Number : 3402E

Accuma Group PLC

18 December 2009

 



Accuma Group PLC ("Accuma" or the "Company")

AIM CANCELLATION

In accordance with Rule 41 of the AIM Rules, the Company has today notified the London Stock Exchange PLC of the proposed cancellation of the admission of its securities to AIM  ("Cancellation")  conditional upon the approval of the Scheme of Arrangement (the "Scheme") (announced on 2 December 2009) by the Scheme Shareholders (as defined in the Scheme) at a Court convened meeting of certain Scheme Shareholders to be held on the 30 December at 11.00 a.m., and then by way of a special resolution of the Company's shareholders at a General Meeting immediately following the Court Meeting at 11.15 a.m. 

If the Scheme is approved it is anticipated that the Cancellation will become effective in respect of the Accuma Shares on 25 January 2010.

If the Scheme is not approved then the shares will continue to be traded on AIM.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Latest time for lodging blue Forms of Proxy for the Court Meeting (Independent Shareholders only)	11.00 a.m. 29 December 2009
Latest time for lodging white Forms of Proxy for the General Meeting	11.15 a.m. 29 December 2009
Court Meeting	11.00 a.m. 30 December 2009
General Meeting	11.15 a.m. 30 December 2009
Disablement in CREST of Accuma Shares	6.00 p.m. 21 January 2010
Reclassification Record Time/Scheme Record Time	6.00 p.m. 21 January 2010
Shares suspended and Court Hearings to sanction the Scheme and to confirm the Reduction of Capital	7.00 a.m. 22 January 2010
Effective date	22 January 2010
Delisting of Accuma shares from AIM	7.00 a.m. 25 January 2010

The dates and times are based on the Company's expectation and may be subject to change. Any changes to the expected timetable will be announced publically.

BACKGROUND TO AND REASONS FOR THE CANCELLATION

The board of HH Bidco (a newly incorporated company set up and jointly controlled by Charles Howson and Zeus Group through HH Bidco's parent company, HH Topco) and the Independent Directors announced that they had reached agreement on the terms of a recommended offer by HH Bidco for the entire issued and to be issued share capital of Accuma to be effected by way of the Scheme.

Further information is contained in the Scheme document which is available on the Company's website - www.accumair.com.

CONTACTS

Zeus Capital, financial adviser to HH Bidco
Alex Clarkson and Bobby Fletcher	Tel: [phone]
Independent Directors of Accuma
Charles Taylor	Tel: [phone]
Lesley Gregory	Tel: [phone]
FinnCap, financial adviser to Accuma
Marc Young	Tel: [phone]

Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme issued to the Company's shareholders, dated 2 December 2009.  Unless otherwise indicated, all references in this announcement to times are to London times. 

 

END

 

 

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