29th Mar 2007 11:31
Asfare Group plc29 March 2007 For Immediate Release 29 March 2007 ASFARE GROUP PLC ("ASFARE" OR THE "COMPANY") Results of Extraordinary General Meeting Completion of Acquisition and Placing Admission of new shares Change of name to AssetCo plc On 6 March 2007 Asfare announced that it had agreed to acquire the entire issuedshare capital of AssetCo Group Limited (the "Acquisition") and to raiseapproximately £20 million by way of a placing of new Asfare shares (the"Placing"). The Acquisition and Placing were subject, inter alia, to Shareholderapproval. The Board of Asfare is pleased to announce that at today's Extraordinary GeneralMeeting all resolutions put to Shareholders were duly approved. Accordingly, theAcquisition and Placing are expected to be completed on Friday 30 March 2007 andit is expected that the change of name to AssetCo plc will take effect prior tothe close of business today. Pursuant to the AIM Rules for Companies, trading in Asfare's 4,971,112 ExistingOrdinary Shares will be cancelled at 8.00am on Friday 30 March 2007. It isexpected that re-admission to trading of the Existing Ordinary Shares andadmission to trading of the Company's 62,227,587 New Ordinary Shares will becomeeffective and dealings, for normal settlement, will commence at 8.00am on Friday30 March 2007. Following completion of the Acquisition and the Placing, the Company's issuedshare capital will comprise 67,198,699 ordinary shares of 25 pence each. TheConcert Party's interest in shares carrying voting rights in the Company willrepresent 42,427,589 ordinary shares of 25 pence each, representing, inaggregate, 63.2 per cent. of the voting rights attaching to the Enlarged ShareCapital. With effect from Admission: • Tony O'Neill and Tim O'Connor will stand down from the board, following their management of the Company through a period of organic and acquisitive growth • John Shannon and Frank Flynn will, respectively, be appointed as Chief Executive Officer and Chief Financial Officer of the Company Tim Wightman, Chairman of Asfare, said: "We are delighted to complete this important transaction and look forward to thedevelopment of the Company under the new management team of John Shannon andFrank Flynn. I would also like to thank Tony O'Neill and Tim O'Connor for theircontribution to the development of the Company. We look forward to building uponthe enlarged group's relationships in the total managed services market." Definitions used in the Company's admission document dated 6 March 2007 apply inthis announcement unless the context otherwise requires. For more information please contact: Asfare Group plcTim Wightman Tel: +44 (0) 1789 262 664 AssetCo Group Limited Tel: +44 (0) 20 8515 3999 John ShannonFrank Flynn Hoare Govett Limited Tel: +44 (0) 20 7678 8000 John MacGowanSean WegerhoffBertie Whitehead Buchanan Communications Tel: +44 (0) 20 7466 5000 Isabel Podda Simon Potter High resolution images are available for the media to view and download free ofcharge from www.vismedia.co.uk. Hoare Govett, which is regulated by the FSA, is acting as nominated adviser,financial adviser and corporate broker exclusively for Asfare and no-one else inconnection with the matters set out in this announcement, the Admission Documentor any other document published in connection with the matters set out herein.Its responsibilities as Asfare's nominated adviser under the AIM Rules forNominated Advisers will be owed solely to London Stock Exchange plc and are notand will not be owed to Asfare or to any director or proposed director of Asfareor to any other person. No representation or warranty, express or implied, ismade by Hoare Govett as to any of the contents of this announcement. HoareGovett is and will be acting for Asfare and no one else and will not beresponsible to anyone other than Asfare for providing advice in relation to theAcquisition, the Placing or Admission or otherwise. Hoare Govett will not beoffering advice and will not be responsible for providing the protectionsafforded to customers of Hoare Govett in relation to the matters described inthis announcement or in respect of the Acquisition, the Placing or anyacquisition of shares or securities in Asfare or otherwise. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Assetco