Ridgecrest PLC Finalisation of completion accounts re Disposal (0543V)
12 Aprile 2021 - 8:00AM
UK Regulatory
TIDMRDGC
RNS Number : 0543V
Ridgecrest PLC
12 April 2021
Ridgecrest plc
("Ridgecrest" or the "Company")
Finalisation of completion accounts re Disposal
Ridgecrest, an AIM Rule 15 cash shell, announces that it has now
agreed the completion accounts prepared in connection with the
disposal of the entirety of its recruitment operating businesses to
Sanderson Group. Further details of the completion accounts process
are set out in the Company's announcement of 20 January 2021. As a
result of finalising the completion accounts, the final GBP50,000
of cash consideration owing to the Company in respect of the
disposal will be retained by Sanderson Group but the Company will
not be liable to repay any of the consideration it received.
Since becoming an AIM Rule 15 cash shell on 5 January 2021, the
Company has had discussions with a number of reverse takeover
candidates. Whilst the Board continues to assess a number of
opportunities, no discussions have, to date, proceeded beyond a
preliminary stage. From a number of the discussions held, the Board
is becoming increasingly aware that, whilst a reverse takeover
candidate would value Ridgecrest at a premium to its net asset
value, such a valuation would be at a material discount to its
current market capitalisation, which currently stands at more than
three times net asset value.
As at 9 April 2021 the Company's cash position (net of current
liabilities) was approximately GBP2.0 million (equating to 0.44p
per share).
The Board will continue to seek a suitable reverse takeover
candidate but there can be no certainty that a reverse takeover
will be completed by the Company.
As an AIM Rule 15 cash shell the Company is required to make an
acquisition or acquisitions constituting a reverse takeover under
AIM Rule 14 on or before the date falling six months from becoming
an AIM Rule 15 cash shell (as announced on 5 January 2021) or be
re-admitted to trading on AIM as an investing company under the AIM
Rules (which requires the raising of at least GBP6 million),
failing which the Company's ordinary shares would then be suspended
from trading on AIM pursuant to AIM Rule 40. Admission to trading
of the Company's ordinary shares on AIM would be cancelled six
months from the date of any suspension should the suspension not
have been lifted beforehand.
AIM Rule 14 requires that any negotiations in respect of a
reverse takeover be kept confidential until such time as a company
can announce that a binding agreement has been entered into and
that, as far as is possible, this should be accompanied by the
publication of the requisite admission document.
Enquiries:
Ridgecrest plc www.ridgecrestplc.com
Robert Thesiger, Chairman 07714 502807
Allenby Capital Limited (Nominated
Adviser and Joint Broker) 020 3328 5656
Nick Naylor / Liz Kirchner (Corporate
Finance)
Peterhouse Capital Limited (Joint
Broker) 020 7469 0930
Lucy Williams / Duncan Vasey
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END
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