Update regarding the appointment of a new NOMAD

RNS Number : 1801T

Ince Group PLC (The)

22 November 2021

 

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22 November 2021

THE INCE GROUP PLC

("Ince" or the "Company")

UPDATES REGARDING THE APPOINTMENT OF A NEW NOMINATED ADVISER AND

THE OFFER FOR ARDEN PARTNERS PLC

Following the announcement of the suspension of the Company's shares from trading on AIM on 28 October 2021, the Company reports that steps to appoint a replacement Nominated Adviser are in progress.

Pursuant to rule 1 of the AIM Rules for Companies, if an AIM company does not appoint a replacement Nominated Adviser within one month of a suspension then admission to trading of its shares on AIM will be cancelled. Accordingly, the Company is using all reasonable endeavours to appoint a new Nominated Adviser as soon as practicable.  A further update will be made in due course.

Further to the announcement made by the Company on 26 October 2021 (the "Rule 2.7 Announcement") regarding a firm intention to make an offer for Arden Partners plc ("Arden") (the "Offer"), on 19 November 2021 the Company issued a joint announcement with Arden notifying Arden's shareholders of an extension of the deadline for the posting of the Scheme Document to 24 December 2021. 

The Offer is subject to certain conditions, as set out in the Rule 2.7 Announcement, including the approval by London Stock Exchange plc of Arden's re-application to be a Nominated Adviser following its change of control (the "Condition"). The AIM Rules for Nominated Advisers require the Company, as the new controller of Arden, to satisfy the eligibility criteria for a Nominated Adviser in its own right as set out under those rules.  Accordingly, there can be no guarantee that the application for such a change of control, when made, will succeed.

If the change of control application is not successful, the Company would be likely to seek the permission of the Takeover Panel to invoke the Condition.

Should the offer complete in circumstances where the change of control application is not successful,  then Arden would cease to be a Nominated Adviser.

A further announcement will be made in due course.

ENQUIRIES:

The Ince Group plc Adrian Biles (Chief Executive Officer) Simon Oakes (Chief Financial Officer)

[e-mail]

 

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