Business
Disposal
Disposal.
About this update from Marechale Capital Plc
[{"type":"text","content":"\n RNS Number : 9867V St Helen's Capital PLC 21 July 2009 \nPRIVATE & CONFIDENTIAL\nSt Helen's Capital Plc\n(\"St Helen's Capital\" or the \"Company\")\n \nProposed Disposal of Business and Directorate Change\n \nSt Helen's Capital announces that on 20 July 2009 it signed heads of agreement relating to the proposed sale, subject to contract, of its business and associated assets (the \"Disposal\") to Whim Gully Capital LLP (\"WGC\"), which is an FSA authorised firm and a PLUS corporate adviser and broker, for a cash consideration of £250,000. \nWGC is owned by Edward Vandyk, his wife, Oliver Vaughan and Oliver Cooke. Edward Vandyk and Oliver Vaughan are directors of Evolve Capital plc (\"Evolve\") and its 57% owned subsidiary Astaire Group plc (\"Astaire\"). WGC has entered into heads of agreement with Evolve (\"WGC Heads\") whereby Evolve will have a period of exclusivity to acquire WGC, conditional on and including the benefit of any contract WGC enters into with St Helen's Capital. No specific terms in relation to the proposed acquisition of WGC by Evolve are contained in the WGC Heads and such terms, if agreed, will be determined by the independent directors of Evolve in conjunction with Evolve's advisers and will constitute a related party transaction under the AIM Rules for Companies. It is also probable that if the proposed acquisition of WGC proceeds it will require the approval of Evolve's shareholders pursuant to section 190 of the Companies Act 2006 in which case, a circular containing further information about the proposed acquisition of WGC and convening a General Meeting of Evolve to approve the proposed acquisition will be sent to Evolve's shareholders.\nIt is envisaged that Evolve may thus acquire an enlarged PLUS advisory business which, when the St Helen's Capital and WGC existing PLUS quoted clients are combined, will have over 25 PLUS quoted clients and be a significant participant in the PLUS quoted market. It is envisaged that the PLUS advisory business acquired would trade under the St Helen's name. At th...