Business
Proposed demerger
Proposed demerger.
About this update from Provexis Plc
[{"type":"text","content":"\n \nRNS Number : 1332I Provexis PLC 28 June 2013 \n \n\n28 June 2013\nProvexis plc (the \"Company\" or \"Provexis\")\nProposed Reduction of Capital,\nDemerger and admission of Science in Sport plc to AIM\n \nThe Board of Provexis today announces its intention to split the Provexis Group into two separate AIM quoted businesses. In order to achieve this, the Board is seeking Shareholder approval to demerge S i S (Science in Sport) Limited (\"SiS\") from the Provexis Group. It is proposed that this separation will be effected by way of a demerger of SiS to a new company called Science in Sport plc (\"Science in Sport\"). Science in Sport will seek admission of its entire issued and to be issued ordinary share capital to trading on AIM on or around 9 August 2013. The Demerger is conditional, inter alia, upon the approval of Provexis Shareholders at a General Meeting of Provexis to be held on 15 July 2013 and the confirmation of the Provexis Reduction of Capital by the Court.\n \nIf the Demerger proceeds, the Provexis Shareholders who are registered on the Provexis Share Register at the Demerger Record Time will receive:\n \none Science in Sport Ordinary Share for every one hundred Provexis Ordinary Shares\n \nthen held by them (save that all fractional entitlements to a Science in Sport Ordinary Share will be rounded up to the nearest whole number).\n \nProvexis Shareholders will continue to own their existing Provexis Ordinary Shares. The Provexis Ordinary Shares will continue to be traded on AIM. The Demerger is expected to become effective on 9 August 2013.\n \nIt is proposed that, following the Demerger, Provexis will remain the ultimate holding company for the Fruitflow Business.\n \nIn order to provide ongoing working capital for each of the demerged businesses and to pay the costs associated with the Demerger, the Company today announces that Science in Sport has undertaken a conditional placing to raise £2.25 million (before commission and expenses) by the issuance of 4,018,000 Science in Sport Placing Shares at a price of 56 pence per share. On Science in Sport Admission, Science in Sport is expected to have a market capitalisation of £10.9 million, based on the Placing Price of the Science in Sport Placing Shares.\n \nA circular has today been sent to Shareholders setting out ...