Business
Aford Awards Limited
Aford Awards Limited.
About this update from Ceps Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7730A\n CEPS PLC\n 01 October 2020\n \n \n \n \n CEPS PLC\n \n \n (\"CEPS\" or the \"Company\")\n \n \n \n \n \n Aford Awards Limited (\"AAL\")\n \n \n \n \n \n As part of a restructuring and exit for a minority shareholder, CEPS announces that a new holding company has been formed, called Aford Awards Group Holdings Limited (\"AAGHL\"), to facilitate the purchase of CEPS' 70% owned subsidiary Aford Awards (Holdings) Limited (\"AAHL\"), which holds 100% of Aford Awards Limited (\"AAL\"), in order to (i) buy out the 30% minority shareholder in AAHL, Jon Ford, under the terms of a put option agreed at the time of the acquisition of AAL by CEPS in 2014, and (ii) to issue new shares and loan notes to AAL's incoming management team (the \"Transaction\").\n \n \n \n \n \n Under the terms of an existing put option agreement, Jon Ford is selling his 30,000 shares in AAHL (representing 30% of the issued ordinary share capital of AAHL) to AAGHL and is stepping down as Managing Director of AAL and director of AAHL. Paul Wood will be joining AAL as Managing Director and Robert Ferguson, who is already employed by AAL, has been promoted to Sales and Marketing Director of AAL. Paul Wood and Robert Ferguson will be appointed as directors of AAGHL and AAL.\n \n \n \n \n \n CEPS is selling its 70% interest in AAHL to AAHGL, which will consequently own 100% of both AAHL and AAL. As disclosed in the report and accounts of the Company for the year ended 31 December 2019, AAL's EBITDA before exceptional items was £411,000.\n \n \n \n \n \n Jon Ford will still be involved with AAL on a part-time consultancy basis, but will be taking on new challenges outside the Aford Awards group. CEPS is pleased to welcome Paul Wood as the Managing Director of AAL and looks forward to working alongside Paul Wood and Robert Ferguson to develop and grow the business.\n \n \n \n \n \n AAGHL\n \n \n On completion of the Transaction, AAGHL will have 100,000 ordinary shares of £1.00 each in issue, £150,000 of Acquisition Loan Notes (\"AAGHL Acquisition Loan Notes\") and £500,000 Shareholder Loan Notes (\"AAGHL Shareholder Loan Notes\") in issue.\n \n \n \n \n CEPS is subscribing for £150,000 of AAGHL Acquisition Loan Notes and £131,420 of the AAGHL Shareholder Loan Note...