19th Apr 2006 15:09
AIM19 April 2006 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2 ALL APPLICANTS MUST COMPLETE THE FOLLOWING: COMPANY NAME:Redstone plc COMPANY ADDRESS:80 Great Eastern StreetLondon COMPANY POSTCODE:EC2A 3RS COUNTRY OF INCORPORATION:England and Wales COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:Redstone is a provider of telecoms and IT solutions for businesses and organisations DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):733,909,263 ordinary shares of 1p each CAPITAL TO BE RAISED ON ADMISSION:N/A FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:Andrew Stafford-Deitsch (Non-executive Chairman)Martin Balaam (Chief Executive Officer)Timothy Howard Perks (Chief Financial Officer)David Graham Payne (Non-executive Director)Oliver John Vaughan (Non-executive Director)Ashvin Pathak (Non-executive Director)Gerard Spencer (Non-executive Director)Andrew Christopher Roberts (Non-executive Alternate Director) PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL BEFORE AND AFTER ADMISSION: Holder Percentage of Issued Share Capital Held Gartmore Investment Limited & Gartmore Fund Managers 16.13%LimitedArtemis Investment Management Limited 7.22%Canada Life Marketing Group 7.01%Stephens Group, Inc 5.61%UBS AG 4.14%Strathclyde Pension Fund 4.13%L-R Global Partners LP 3.35%Credit Agricole Cheuvreux International Ltd. 3.00% NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:N/A ANTICIPATED ACCOUNTING REFERENCE DATE:31 March EXPECTED ADMISSION DATE:22 May 2006 NAME AND ADDRESS OF NOMINATED ADVISER:Evolution Securities Limited100 Wood StreetLondon EC2V 7AN NAME AND ADDRESS OF BROKER:Evolution Securities Limited100 Wood StreetLondon EC2V 7AN DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:N/A DATE OF NOTIFICATION:19 April 2006 NEW/ UPDATE (see note): QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH THE APPLICANT'S SECURITIES HAVE BEEN TRADED:Main Market of the London Stock Exchange THE DATE FROM WHICH THE APPLICANT'S SECURITIES HAVE BEEN SO TRADED:25 October 1999 CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL ENQUIRY, THE APPLICANT HAS ADHERED TO ANY LEGAL AND REGULATORY REQUIREMENTS INVOLVED IN HAVING ITS SECURITIES TRADED UPON SUCH A MARKET:Confirmed AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS OR ANNOUNCEMENTS WHICH THE APPLICANT HAS MADE PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE OF HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE:http://www.londonstockexchange.com/en-gb/pricesnews/marketnews/marketnews.htm?bsg=true&ns=RED DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY:The Company will continue with its current strategy of providing telecoms and IT solutions for businesses and organisations whilst looking to be an active participant in the anticipated industry consolidation. A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION OF THE APPLICANT, WHICH HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN PUBLISHED:On 28 April 2005 Redstone completed the acquisition of Xpert Group Limited ("Xpert"). Redstone acquired Xpert for a total consideration of £25,550,000 with the consideration satisfied through the issue of 38,275,862 Ordinary Shares, €940,952 of loan notes and with the balance paid in cash. For the year ended 30 April 2004 Xpert generated turnover of £27.4 million andan operating loss of £2.2 million and, as at 30 September 2004, had net assetsof £7.6million. Further details of the Xpert acquisition are contained in the prospectuspublished by Redstone on 31 March 2005 copies of which are available forinspection at the UK Listing Authority's Document Viewing Facility, which issituated at: Financial Services Authority25 The North ColonnadeCanary WharfLondonE14 5HS. Apart from the acquisition of Xpert, there have been no significant changes inthe financial or trading position of Redstone since 31 March 2005 being the endof the period for which the last audited financial statements have beenprepared. Redstone published its unaudited interim results to 30 September 2005 on 29November 2005. There has been no significant change in Redstone's financial ortrading position since the date of these results. A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON TO BELIEVE THAT THE WORKING CAPITAL AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT FOR AT LEAST TWELVE MONTHS FROM THE DATE OF ITS ADMISSION:The directors of Redstone have no reason to believe that the working capital available to the Company will be insufficient for at least twelve months from the date of its admission to AIM DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES:N/A A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR SETTLING THE APPLICANT'S SECURITIES:CREST A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING TO THE APPLICANT'S SECURITIES:http://www.redstone.co.uk/investor.html INFORMATION EQUIVALENT TO THAT REQUIRED FOR AN ADMISSION DOCUMENT WHICH IS NOT CURRENTLY PUBLIC:On 10 June 2005 the Company announced the appointment of Martin Balaam as ChiefExecutive Officer of the Company. Pursuant to the terms of his serviceagreement, dated 28 April 2005 and amended on 29 June 2005 (with effective dateof 13 June 2005), Mr. Balaam is paid an annual salary of £195,000, receives acar allowance of £12,000 per annum and is entitled to have all private andbusiness petrol expenses reimbursed, and participates in the Group's personalpension scheme and the Group's private medical insurance, permanent healthinsurance, critical illness insurance and life assurance schemes. This agreementis terminable on not less than 9 months' written notice by either party. Mr. Balaam is also entitled to receive an annual performance bonus, the criteriaof which are determined by the Nominations and Remuneration Committee. A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S LATEST ANNUAL REPORT AND ACCOUNTS WHICH MUST HAVE A FINANCIAL YEAR END NOT MORE THEN NINE MONTHS PRIOR TO ADMISSION AND FULLY AUDITED INTERIM RESULTS WHERE APPLICABLE. THE ACCOUNTSMUST BE PREPARED ACCORDING TO UK OR US GAAP OR INTERNATIONAL ACCOUNTING STANDARDS:http://www.redstone.co.uk/investor.html THE NUMBER OF EACH CLASS OF SECURITIES HELD IN TREASURY:N/A Note: THIS FIELD SHOULD INDICATE THAT THE ANNOUNCEMENT IS 'NEW' AND ALL RELEVANTFIELDS SHOULD BE COMPLETED. OTHERWISE WHERE THE FORM IS REQUIRED TO BE COMPLETEDIN RESPECT OF AN 'UPDATE' ANNOUNCEMENT, THIS SHOULD BE INDICATED. IN SUCH CASES,ALL THE ORIGINAL INFORMATION SHOULD BE INCLUDED WITH ANY AMENDED FIELDSEMBOLDENED. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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