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Watchstone Group PLC (WTG)

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Friday 23 April, 2021

Watchstone Group PLC

Intention to apply for admission to the AQSE

RNS Number : 3737W
Watchstone Group PLC
23 April 2021
 

 

Watchstone Group plc

 

( " Watchstone " or the "Company")

 

 

INTENTION TO APPLY FOR ADMISSION TO THE AQUIS STOCK EXCHANGE

Watchstone Group plc (LON:WTG) announces that it intends to apply for admission of its Ordinary Shares to trading on the Access segment of the AQSE Growth Market operated by the Aquis Stock Exchange (AQSE). It is expected trading will commence on 30 April 2021.

 

In accordance with AIM Rule 15 of the AIM Rules for Companies (the "AIM Rules"), the disposal of the ingenie business in November 2020 constituted a fundamental change of business and the Company was classified by AIM as an AIM Rule 15 cash shell. In accordance with AIM Rule 40, as six months have now passed since the disposal, the Company's Ordinary Shares will be suspended from trading on AIM pursuant to AIM Rule 40 on 4 May 2021.

 

Watchstone is now a group with a number of litigation assets, contingent liabilities and cash. Litigation in relation to the historic activities of the Group is being pursued where it is considered that the Group has a strong case and where the Board having taken advice, expects a successful outcome in favour of the Group. These include claims against PricewaterhouseCoopers LLP, Aviva Canada Inc, HMRC as well as other potential claims currently in contemplation. The Group expects to initiate a claim against its former auditor, KPMG LLP, in respect of its audit of the Group's accounts for the year ended 31 December 2013.  

 

In selecting the AQSE Growth Market, the Board were keen to provide shareholders with the services of a regulated market and a trading facility while it pursues its litigation assets and its strategy unfolds.

 

The Group intends to make further cash returns to shareholders as appropriate as its litigation assets are resolved and will continue to consider other commercial opportunities that present themselves in areas where the Board have commercial and/or legal experience.

 

Pursuant to AIM Rule 41, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on AIM following the Company's 2021 Annual General Meeting to be held later this year.  The Company's shares will continue to be available for trading on the Access segment of the AQSE Growth Market.

 

The Company's shares will continue to be registered with the existing ISIN number GB00BYNBFN51 and SEDOL number BYNBFN5. The Company's ticker symbol will continue to be WTG.

 

 

Watchstone Group plc    

  Tel: 03333 44804


 

 

WH Ireland Limited , Nominated Adviser and broker

 

Tel: 020 7220 1666

Chris Hardie

Lydia Zychowska


 

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