TIDMAQSG
RNS Number : 6246B
Aquila Services Group PLC
31 January 2020
For immediate release
31 January 2020
Aquila Services Group plc
("Aquila" or the "Company" or the "Group")
Acquisition of Finalysis (UK) Limited
Issue of Equity and Share Options
and
Total Voting Rights
Aquila, a company established to acquire and operate growing
businesses in the affordable housing services sector, is pleased to
announce that the Group has today acquired Finalysis (UK) Limited
("Finalysis"), a consultancy business providing treasury and
banking services for GBP130,000 (the "Acquisition").
The annual report and unaudited financial statements of
Finalysis, at 31 March 2019, report turnover for the 12 months of
GBP321,645 and profit before taxation of GBP98,181.
Finalysis was established in 2002 to provide a full range of
treasury and banking services to both the public and private
sectors. Today the company is regarded as a market leader, dealing
in the main, with Higher and Further Education Institutions,
Housing Associations and Charitable Organisations.
Finalysis provides a range of services tailor made for each
client covering areas such as:
-- Debt advisory - new finance and debt restructuring
-- Debt negotiation and mediation
-- Payment card services benchmarking review and tenders
-- Banking services value for money review and tendering
-- Treasury management policy and strategy
-- Banking market review and key market information
The team of 6 has developed a strong and loyal client base of
higher and further education institutions, delivering flexible
services in a tailored and personal way. Based in East Sussex, they
work across the UK.
Finalysis will join Aquila's existing treasury and finance
consultancy team at Aquila Treasury and Finance Solutions Limited
"ATFS", complementing and expanding the existing offer with expert
knowledge in education sector finance.
This acquisition provides strong opportunities for collaboration
across the subsidiaries of the Group; Altair, ATFS, Oaks and the
investments in IT consultancy 3C, and Fintech platform AssetCore.
The acquisition increases the Group's offer to the higher and
further education sectors, where it already has a presence through
sport and education consultancy Oaks; as well as widening its offer
to existing clients in housing and regeneration. It also expands
the capacity to support a wider range of clients, with a broader
range of services. This will benefit both existing and new
clients.
Steve Douglas CBE, CEO of Aquila and one of the founding
partners of Altair commented:
'The acquisition sees Aquila Services Group plc extend our
offering in the wider education sector and therefore helps us
fulfil our vision of making a real difference to communities,
housing, regeneration and people's lives in the UK and beyond.
We are thrilled that the experienced team at Finalysis have
chosen to become a part of the group and lead our work across
treasury and finance in the higher and further education sectors.
We look forward to further collaboration and growth between the
group's subsidiaries, in order to build on our track record in
supporting organisations to grow, change and be resilient.'
Details of the Acquisition, Issue of Equity and Share
Options
The Company has today signed the share purchase agreement (the
"SPA") to acquire Finalysis for GBP130,000. The consideration is
being satisfied by a payment of GBP100,000 in cash and GBP30,000 in
new ordinary shares of Aquila. Accordingly, a total of 85,714 new
ordinary shares of 5p each in the Company have been issued at the
price of 35 pence per share, being the mid-market closing price on
the business days prior to signing of the SPA, (the "Consideration
Shares").
Application will be made to the Financial Conduct Authority and
to the London Stock Exchange for 85,714 Consideration Shares,
representing 0.23% of the Company's enlarged issued share capital,
to be admitted to the Official List and to trading on the Main
Market of the London Stock Exchange ("Admission"). Admission is
expected to take place on or around 6 February 2020.
Subject to limited exceptions, the Consideration Shares, which
on Admission will rank pari passu with the existing ordinary shares
in the Company, are subject to restrictions whereby they cannot be
transferred or disposed of for a period of one year from completion
and, for a further calendar year thereafter, the Consideration
Shares must only be transferred or disposed of in accordance with
orderly market arrangements.
In addition, on completion of the Acquisition two directors of
Finalysis are being issued with share options to the value of
GBP30,000 each based on the closing mid-market price of the Company
on the business days prior to signing of the SPA. The share options
will allow each holder to purchase ordinary shares in Aquila after
two years from the date of signing of the SPA at an exercise price
of 35 pence per ordinary share and will lapse after 5 years if not
exercised.
Total Voting Rights
In conformity with rule 5.6.1 of the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules (the DTRs)
the Company is notifying the market of the following:
As at Admission, the Company's issued share capital will consist
of 37,937,905 ordinary shares of 5p each with voting rights. There
are no shares held in treasury.
The above figure of 37,937,905 may therefore be used by
shareholders as the denominator for the calculation by which they
may determine if they are required to notify their interest in, or
change to their interest in, the Company under the DTRs.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information please visit
www.aquilaservicesgroup.co.uk or contact:
Aquila Services Group plc
Claire Banks
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
Roland Cornish
Tel: 020 7628 3396
Notes to editors:
About Aquila Services Group plc
Aquila is the London Stock Exchange listed parent company of:
Altair Consultancy and Advisory Services Ltd, a specialist housing
consultancy; Aquila Treasury and Finance Solutions Ltd, an FCA
authorised and registered subsidiary of treasury management
advisors; and Oaks Consultancy Ltd, specialist consultancy in
sport, education and the third sector, as well as investment in 3C
Consultants Ltd, one of the largest providers of IT consultancy to
the UK social housing sector, and AssetCore Limited, a platform for
storing and managing loan security information with links to
lenders, legal advisors, and security trustees.
https://altairltd.co.uk/
https://www.atfsltd.co.uk/
https://www.oaksconsultancy.co.uk/
http://www.3cconsultants.co.uk/
http://www.assetcore.com/
https://www.finalysisuk.co.uk/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCZZGFMDMGGGZM
(END) Dow Jones Newswires
January 31, 2020 09:23 ET (14:23 GMT)
Aquila Services (LSE:AQSG)
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Aquila Services (LSE:AQSG)
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