IS Solutions PLC
23 April 2008
23 April 2008
IS Solutions plc
Proposed transfer of the Company's Ordinary Shares from the Official List to AIM
Introduction
IS Solutions plc (the 'Company'), providers of a range of Internet design,
website development and systems support services, today announces proposals to
cancel its listing on the Official List of the UK Listing Authority and to apply
for its share capital to be admitted to trading on the AIM market of the London
Stock Exchange ('AIM').
A Circular providing full details of the proposals and containing notice of an
Extraordinary General Meeting (the 'EGM') to be held on 15 May 2008, will be
posted to Shareholders today together with the Company's Annual Report and
Accounts.
An expected timetable of events is set out at the end of this announcement.
Transfer from the Official List to AIM
The Board believes that AIM is a more appropriate market for the Company taking
into account its size, market capitalisation and resources. The Board also
believes that AIM will offer greater flexibility, particularly with regards to
corporate transactions, and will enable the Company to agree and execute certain
transactions more quickly and cost-effectively should any disposal, acquisition
or other development opportunities arise in the future.
Conditional upon approval of at least 75 per cent of the Shareholders voting at
the EGM, either in person or by proxy, the Company will give notice to cancel
the listing of the Ordinary Shares on the Official List and to remove them from
trading on the London Stock Exchange's market for listed securities (the
'De-Listing') and will apply for the admission of the Ordinary Shares to begin
trading on the AIM market of the London Stock Exchange ('Admission').
It is anticipated that the last day of dealings in the Ordinary Shares on the
Official List will be 13 June 2008. Cancellation of the listing and trading of
the Ordinary Shares will take effect at 8 a.m. on 16 June 2008, being not less
than 20 business days following the date of the EGM.
It is anticipated that Admission will take place and dealings will commence on
AIM at 8 a.m. on 16 June 2008.
Brewin Dolphin Limited will act as nominated adviser and broker to the Company
from Admission.
Extraordinary General Meeting
As noted above, the approval of 75 per cent of Shareholders voting at the EGM,
either in person or by proxy, must be obtained in order to proceed with the
De-Listing and subsequent Admission.
The EGM is to be held on 15 May 2008 at Windmill House, 91-93 Windmill Road,
Sunbury, Middlesex TW16 7EF at 10 a.m. (or as soon thereafter as the Annual
General Meeting of the Company convened for the same day and place shall have
concluded).
Expected Timetable
2008
Latest time and date for receipt of proxies for the EGM 10 a.m. on 13 May
EGM 10 a.m. on 15 May
Last day of dealings in New Ordinary Shares on the
Official List 13 June
Cancellation of listing of Ordinary Shares on the
Official List 8 a.m. on 16 June
Admission to AIM 8 a.m. on 16 June
General
Copies of the Circular have been sent to the UK Listing Authority and will
shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at Financial Services Authority, 25 The
North Colonnade, Canary Wharf, London E14 5HS.
Contact
For further information please contact:
IS Solutions plc
John Lythall Tel: 01932 893333
www.issolutions.co.uk
Brewin Dolphin Limited
Jon Fitzpatrick Tel: 0845 213 4222
Citigate Dewe Rogerson Ltd
Keith Gabriel / Liz Rudman Tel: 0121 455 8370
This information is provided by RNS
The company news service from the London Stock Exchange