16th Oct 2018 15:05
LONDON (Alliance News) - Shearwater Group PLC said Tuesday its shares will be re-admitted to London's AIM Wednesday after completing its reverse takeover of cyber security company Brookcourt Solutions Ltd.
The transaction consideration is GBP15.2 million in cash and GBP15.2 million in Shearwater shares. The cash consideration will be financed through a fundraising consisting of a placing and open offer.
Shearwater, which aims to acquire and invest in information security and cyber security companies, will raise gross capital on admission of placing GBP16.7 million and an additional GBP900,000 under open offer.
The company will have 1.90 billion shares on re-admission, with an implied market capitalisation of GBP68.5 million.
The company's board will consist of: Chairman David Williams; Chief Executive Officer Michael Stevens; Non-Executive Director Robin Southwell; Non-Executive Director Stephen Ball and Non-Executive Director Giles Willits.
Shearwater's biggest shareholders on re-admission will be Phil Higgins and Dene Stacy who will both hold 11.1%, Schroders PLC with a 8.6% holding, Chairman David Williams will hold a 6.7% stake and Killik & Co with a 7.4% holding.
Shares in Shearwater were down 2.8% Tuesday at 3.70 pence each.
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