AIM Admission - Update

RNS Number : 6095E

CPPGroup Plc

11 February 2015

 



CPPGROUP PLC

11 February 2015                                    

Admission to AIM

Further to the announcement on 23 December 2014 and the General Meeting of the Company held on 13 January 2015, CPPGroup Plc (CPP or the Group) is pleased to confirm that the admission of CPP's Ordinary Shares of 1 penny each (Ordinary Shares) to trading on AIM occurred at 8.00 a.m. today, 11 February 2015 (Admission). The Ordinary Shares have been removed from trading on the Main Market of London Stock Exchange plc and their listing on the Official List has been cancelled. The Placing, which was announced on 23 December 2014, of 666,666,667 new Ordinary Shares at a price of 3 pence each, raising £20.0 million (approximately £17.9 million net of expenses), is now complete.  Following Admission and the completion of the Placing the Group's issued share capital consists of 838,316,608 Ordinary Shares.

As also announced on 23 December 2014, the net proceeds of the Placing will be used for the prepayment in part of the Group's Bank Facility (including certain prepayment fees), and a compromise payment in relation to the settlement of the Commission Deferral Agreement.  As such the Board confirms, following clearance of the Placing proceeds, execution of both the Amended and Restated Facility and the Business Partner Agreement.  The remaining proceeds will be used to invest in a modern, cost-effective IT infrastructure and system for the Group and to provide additional capital to fund in part elements of the Group's Business Transformation programme and related costs of change, as set out in the Group's statement on 23 December 2014. 

Brent Escott, Chief Executive Officer, commented:

"We have made significant progress over the last year to stabilise the Group and continue to improve the operational environment, strengthen the Group's governance, reduce the Group's cost base and identify new growth opportunities. With the support of our shareholders and Business Partners, the move to AIM provides a springboard for future growth and enables the Group to look forward with renewed confidence."

Except as otherwise defined herein, capitalised terms have the same meanings as set out in the Circular dated 24 December 2014.

Enquiries

Investor Relations

CPPGroup Plc  

Brent Escott, Chief Executive Officer

Craig Parsons, Chief Financial Officer

Tel: [phone]

Helen Spivey, Head of Corporate and Investor Communications

Tel: [phone]

Media

Haggie Partners: Peter Rigby, Samantha Whiteley, James Fearnley

Tel: [phone]

Nominated Adviser and Broker

Numis Securities Limited: Robert Bruce; Stuart Skinner; Charles Farquhar

Tel: [phone]

Notes and Disclosures

CPPGroup Plc (CPP or the Group) is an international assistance business operating in the UK and overseas within the financial services, telecommunications and travel sectors. CPP primarily operates a business-to-business-to-consumer (B2B2C) business model providing services and retail, wholesale and packaged products to customers through Business Partners and direct to consumer. The Group's core assistance and travel service products help to provide security and enhance the experience of travel for customers worldwide, designed to make everyday life easier to manage.

Disclosures on the Company, as required by AIM Rule 26, can be found at www.cppgroupplc.com/investor-relations.  Further to disclosure in the Appendix to the Schedule 1 announcement published on 14 January 2015, the Company confirms that Mr Brent Escott was at the relevant times a director of CDI Realisation 2003 Limited, which was placed into voluntary administration by its directors on 30 October 2002 and, following a creditors' voluntary liquidation and winding-up order issued on 15 January 2003, was dissolved on 21 September 2006.

For more information on CPP visit www.cppgroupplc.com

REGISTERED OFFICE

CPPGroup Plc

Holgate Park

York

YO26 4GA

Registered number: 07151159

 

END

 

 

MSCLIFLTFSILLIE