28th Jun 2005 08:17
System C Healthcare Limited28 June 2005 This announcement and the information contained herein is restricted and is not for publication, release or distribution in whole or in part in the United States of America, Canada, Australia, the Republic of Ireland, Japan or South Africa System C Healthcare plc ("System C" or the "Company") First Day of Dealings on AIM System C Healthcare plc (AIM: SYS), a leading independent provider of ITimplementation solutions for the healthcare sector in England, is pleased toannounce its flotation on AIM today. A second admission in respect of 11.1 million additional new ordinary shares isexpected to become effective and dealings commence on AIM on 29 June 2005. • Placing Price of 54p per ordinary share • Based on the above Placing Price per share and following the second admission, the market capitalisation of System C will be approximately £47.7 million. • Net proceeds of the Placing will be approximately £8.5 million for the Company • Proceeds will be used primarily to accelerate System C's growth both organically and, should the opportunity arise, by selective acquisition Collins Stewart is the Company's nominated adviser and broker. Contacts: Maitland 020 7379 5151Neil Bennett / Brian Hudspith Collins Stewart 020 7523 8350Chris Wells / Mark Connelly About System C System C is a leading independent provider of IT implementation solutions forthe healthcare sector in England. It offers a range of design, implementation,project management, service delivery, training and support services. The Companyhas a long history of developing and providing healthcare related softwareapplications to the UK healthcare sector including an integrated range ofclinically based and patient focused software applications to provide ElectronicPatient Records. System C operates in a rapidly expanding market. The Government has made theimprovement of IT within the NHS a priority and in 2002 introduced the £6.2billion National Programme for IT for the English NHS. This commitment is inaddition to the annual NHS spend on healthcare IT which is expected to beapproximately £1.2 billion in 2005. The Company has secured significantcontracts with two LSPs as part of the National Programme and the Directorsbelieve that System C is well positioned to play an increasingly important rolein the continuing development of IT within the UK healthcare sector. System C's main office is in Maidstone and it has additional offices inWarrington and Swindon. As at 30 April 2005, System C had 200 employees, ofwhich 165 were involved in the provision of IT design, development,implementation, project management and support services to the UK healthcaresector. In the financial year ended 31 May 2005, the Directors estimate that System Cgenerated sales and profits before taxation and exceptional items of not lessthan £18.0 million and £3.4 million respectively. Legal disclaimers The contents of this announcement, which have been prepared by and are the soleresponsibility of System C Healthcare plc, have been approved by Collins StewartLimited solely for the purposes of section 21 of the Financial Services andMarkets Act 2000. Collins Stewart Limited, which is authorised and regulated in the United Kingdomby the Financial Services Authority, is acting for System C Healthcare plc inrelation to the proposed flotation and placing and for no one else, and will notbe responsible to anyone other than System C Healthcare plc for providing theprotections offered to their respective clients nor for providing advice inrelation to the proposed flotation and placing. No offer or invitation to acquire shares in System C Healthcare plc is beingmade by or in connection with this announcement. Any such offer will be madesolely by means of the admission document published on 22 June 2005 and anyacquisition of shares should be made solely on the basis of the informationcontained in such document and any supplements thereto. The value of shares can go down as well as up. Past performance is not a guideto future performance. Persons needing advice should consult a professionaladviser. This announcement does not contain or constitute an offer of securities for salein the United States. The Ordinary Shares have not been, and will not be,registered under the US Securities Act of 1933 or under the securities law ofany state of the United States. Accordingly, subject to certain exceptions, theOrdinary Shares may not be offered or sold, directly or indirectly, within theUnited States. There will be no public offering of securities in the UnitedStates. This announcement and the information contained herein are not for publication,distribution or release in, or into, the United States, Canada, Australia,Japan, the Republic of Ireland or South Africa. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sysgroup