TIDMAUK
RNS Number : 4485Q
Aukett Swanke Group PLC
18 October 2023
18 October 2023
Aukett Swanke Group Plc
("Aukett Swanke", the "Company", or, together with its
subsidiaries, the "Group")
Acquisition of TR Control Solutions Limited
Issue of Equity
Aukett Swanke (AIM: AUK), the Architecture and Smart Buildings
group, is pleased to announce the acquisition of TR Control
Solutions Limited ("TRCS"), a developer of energy management
software and provider of energy efficiency services (the
"Acquisition").
Acquisition Rationale
The Acquisition is a further step in the Group's strategy to
become a leading provider of Smart Building technology.
TRCS's revenues are derived from the provision of their
proprietary ecoDriver energy monitoring software, energy efficiency
consultancy services, and the provision of IoT sensors and other
hardware to monitor environmental and other data. The company
operates in a high growth business segment and the Company's
directors believe that it can grow rapidly as part of the Group, by
accessing the Group's customer base and contacts, and utilising the
Group's operational delivery capabilities. In addition, the
Acquisition brings an extensive "data lake" from TRCS's installed
base of operational sensors. This is likely to be of significant
value to the Group as it explores the use of Artificial
Intelligence (AI) to deliver scalable decision-making around energy
usage in the built environment.
Acquisition Terms
The Company has acquired the entire issued share capital of
TRCS. The total consideration is GBP360,450, comprising the issue
to the vendors of 17,800,000 new ordinary shares of 1p each in the
Company (" Ordinary Shares ") at 1.525p per Ordinary Share (the "
Consideration Shares "), being the mid-market closing price of the
Company's Ordinary Shares on 17 October 2023, and GBP89,000 in
cash. Half of the cash consideration is payable on completion, with
the remaining GBP44,500 payable on the first anniversary of
completion. The Consideration Shares are subject to a 12-month
lock-in, followed by an orderly market arrangement for a further 12
months.
The Group has received customary warranties and indemnities from
three of the vendors who are directors of TRCS.
For the year ended 31 October 2022 TRCS reported revenues of
GBP473k and a loss after tax of GBP33k. Net liabilities at that
date were GBP63,701.
John Taylor, chairman and co-founder of TRCS, is leaving as part
of the transaction. Jamie Finnan remains Managing Director of TRCS
and will be supported by Sarah Taylor, Business Manager and
co-founder. Two further TRCS employees will join the Group as part
of the transaction.
TRCS resolved to change its name to ecoDriver Ltd at completion,
to reflect its focus on this unique software and on services based
around it.
Total Voting Rights
Application has been made for the 17,800,000 Consideration
Shares to be admitted to trading on AIM (" Admission ") and it is
expected that Admission will be effective on or around 23 October
2023. Following Admission, the Company's issued share capital will
consist of 293,155,938 ordinary shares of which no shares are held
in treasury. Therefore, the total number of voting rights in the
Company is 293,155,938. Shareholders may use this figure as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
Nick Clark, Chief Executive of Aukett Swanke, commented :
"We are pleased to have completed a third acquisition in our
Smart Buildings strategy, following the purchases of Torpedo
Factory Group in March and Anders + Kern in July this year. TRCS is
a relatively small but impressive business, which brings
proprietary IP and recurring revenues to the Group. Further, the
Company's directors believe that the Group's management systems,
client base, and resources will enable TRCS to scale rapidly. We
welcome Jamie Finnan and the TRCS team to the Group.
"The Acquisition gives us scope to develop the use of Artificial
Intelligence in building management as the Group continues to
expand both its Smart Buildings and architecture activities."
Contacts
Aukett Swanke Group Plc
+44 (0) 20 7843 3000
Clive Carver, Chairman
Nick Clark, Chief Executive
Strand Hanson Limited, Financial and Nominated Adviser +44 (0)
20 7409 3494
Richard Johnson, James Bellman
Zeus Capital Limited, Broker
+44 (0) 20 3829 5000
Simon Johnson, Louisa Waddell
Investor/Media + 44 (0) 7979 604 687
Chris Steele
About Aukett Swanke Group plc
Aukett Swanke Group has a strong foundation in architectural
services and is on a transformative journey to become a
London-listed provider of Smart Buildings and related services. ASG
are uniquely positioned to ensure the technical systems that run
modern premises are designed as an integral part of the structure,
from the outset.
For more information go to https://www.aukettswankeplc.com
About TR Control Solutions Ltd
TRCS helps organisations in the public and private sectors to
systematically identify opportunities to reduce energy waste.
Through their proprietary ecoDriver software platform, and their
CIBSE-qualified Low Carbon Consultants, they deliver a unique
Collaborative Energy Efficiency Programme (CEEP). This allows them
to deliver their mission to achieve real, sustainable
decarbonisation, through increased energy efficiency and the use of
renewable technologies.
For more information go to https://www.ecodriver.co.uk
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQNKOBNKBDBNKD
(END) Dow Jones Newswires
October 18, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Aukett Swanke (LSE:AUK)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Aukett Swanke (LSE:AUK)
Storico
Da Apr 2023 a Apr 2024
