Completion of Disposal of Repair Services Business

RNS Number : 1034U

Regenersis PLC

04 April 2016

 

Regenersis plc ("Regenersis" or the "Company")

Completion of the Disposal of the Repair Services Business

Regenersis plc is pleased to announce it has today completed the sale of its Repair Services Business (the "Repair Services Business") to CTDI Repair Services Limited (the "Purchaser"), a wholly owned subsidiary of Communications Test Design, Inc., ("CTDI") for cash consideration of €103.5 million (the "Disposal"), subject to certain post-completion adjustments (if required).  The Company is now principally a pure play global software business, comprising Blancco, SafeIT, Xcaliber and Tabernus, focused on maximising the considerable opportunities in secure, auditable data erasure.

Change of Name

As previously announced on 5 February 2016, the Company will change its name from Regenersis plc to Blancco Technology Group plc and the new ticker symbol will be BLTG.  The change of the Company's name will be registered shortly and the change to the Company's ticker symbol will be effective from 8:00am on 6 April 2016.

Board Change

With effect from today, the Company announces the following changes to its Board of Directors.

Patrick J Clawson will begin a new role as CEO of the Company.  Mr Clawson has served as CEO of the Digital Security Software Business since October 2015, and his new role aligns with the strategic refocusing of the business of the Company following the Disposal.  Mr Clawson brings significant experience to this role, having previously served as Chairman and CEO of Lumension, a US endpoint security software business.

Matthew Peacock will become Non-Executive Chairman, stepping down as Executive Chairman as part of a full handover of his executive responsibilities to Mr Clawson.

As previously announced on 5 February 2016, with effect from completion of the Disposal, Ian Powell has retired from the Board and from his role as CEO of the Repair Services Business.  Mr Powell joined the Board in October 2015, having previously served as Group Managing Director of the Company from 2011 to 2013.

Matthew Peacock, Executive Chairman of the Company, commented:

"On behalf of the Board, I would like to thank Ian Powell for his contribution to the Company since 2011.  I look forward to continuing to work closely with Patrick over the coming months to continue to develop the business, and I am confident that the Company will continue to grow and benefit from his invaluable knowledge and experience."

Return of capital to Shareholders

As announced on 5 February 2016, the Company intends to return up to £50 million to Shareholders via a tender offer and intends to release a circular including details of the tender offer shortly.

Capital Reduction

On 23 March 2016, the Company successfully completed the reduction of capital referred to in the announcement of 5 February 2016.

Change of Website Address

In line with the change of name of the Company, the Company is changing its website address.  The new website, which will contain all information required in accordance with AIM Rule 26, will be www.blancco.com.  The new website will be effective from 5.00pm on 4 April 2016.

Change in Sector

In addition, a request has been made to the FTSE ICB Advisory Committee for the Group to be reclassified from the 'Business Support Services' sector into 'Software' which more appropriately reflects the Group's activities.  Should FTSE agree with this request, a further announcement will be made when the reclassification takes effect.

Enquiries:

Regenersis plc	[phone]
Matthew Peacock, Chairman
Jog Dhody, Chief Financial Officer
Peel Hunt (Nomad and Joint Broker)	[phone]
Richard Kauffer
Euan Brown
Panmure Gordon (UK) Limited (Joint Broker)	[phone]
Dominic Morley Charles Leigh Pemberton
Tulchan Communications (PR Advisor)	[phone]
Tom Murray
About Regenersis Regenersis is the owner of Blancco Technology Group, a leading data erasure software business, serving enterprises and governments around the world. www.blancco.com

 

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