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Posting of Annual Report, Notice of AGM and Proposed Share Consolidation

  • Created on the 26 August, 2016.
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26/08/2016

ARCONTECH GROUP PLC

(“Arcontech”, the “Company” or the “Group”)

Posting of Annual Report, Notice of AGM
and Proposed Share Consolidation

Arcontech (AIM: ARC), the provider of products and services for real-time financial market data processing and trading, confirms that its Annual Report and Accounts for the year ended 30 June 2016, together with the Notice of the Annual General Meeting, have been posted to shareholders. The documents are available to download from the Company’s website http://www.arcontech.com.

The Company’s Annual General Meeting will be held at the Company’s offices at 1st Floor, 11-21 Paul Street, London EC2A 4JU on 27 September 2016 at 10.00 a.m.

Proposed Share Consolidation

Contained within the Notice of AGM is a letter to shareholders describing proposals for a consolidation of share capital (“Share Consolidation”), and the resolutions required to effect this will be put to shareholders at the forthcoming AGM.

As at 25 August 2016, the Company had 1,545,731,537 existing ordinary shares of £0.001 each (“Existing Ordinary Shares”) in issue. With shares of low denominations, small absolute movements in the share price can represent large percentage movements resulting in high volatility. The Share Consolidation is expected to assist in reducing the aforementioned volatility in the Company’s share price and enable a more consistent valuation of the Company. The Board also believes that the bid/offer spread on shares priced at low absolute levels can be disproportionate to the share price and therefore to the detriment of shareholders.

Therefore the Directors are proposing that every 125 Existing Ordinary Shares be consolidated into one new ordinary share of £0.125 each (“New Ordinary Shares”).

Following the Share Consolidation, shareholders will still hold the same proportion of the Company’s ordinary share capital as before the Share Consolidation. Other than a change in nominal value, the New Ordinary Shares will carry equivalent rights under the Articles of Association to the Existing Ordinary Shares.

The Board believes that the Share Consolidation will result in a more appropriate number of ordinary shares in issue for a company of Arcontech’s size and may also help to make the New Ordinary Shares more attractive to investors going forward.

Full details of the Share Consolidation, including the treatment of fractional holdings, are set out in the Notice of AGM and the accompanying explanatory notes.

The expected timetable for the Share Consolidation is set out below:

Notice of AGM posted to Shareholders: 26 August 2016
Latest time and date for receipt of Forms of Proxy: 10.00 a.m. on 25 September 2016
Annual general meeting: 10.00 a.m. on 27 September 2016
Record date for consolidation: 5.00 p.m. on 27 September 2016
Existing Ordinary Shares disabled in CREST and share register closed: 5.00 p.m. on 27 September 2016
Expected date on which New Ordinary Shares admitted to AIM: 8.00 a.m. on 28 September 2016
Expected date on which CREST accounts are to be credited: 28 September 2016
Expected date by which definitive new share certificates are to be despatched: 12 October 2016
ISIN of New Ordinary Shares: GB00BDBBJZ03

Enquiries:

Arcontech Group plc 020 7256 2300
Richard Last, Chairman and Non-Executive Director
Matthew Jeffs, Chief Executive

finnCap Ltd (Nomad & Broker) 020 7220 0500
Carl Holmes/Simon Hicks

To access more information on the Group please visit: http://www.arcontech.com