RNS Number : 1155P
Induction Healthcare Group PLC
05 June 2020
5 June 2020
Induction Healthcare Group PLC
("Induction", the "Company" or the "Group")
Result of General Meeting
Board Changes, Completion of Acquisition and Issue of Shares
Induction, a leading healthcare technology company that helps healthcare professionals deliver better care more efficiently, today announces that at its General Meeting, held today at 9.00 a.m., all resolutions proposed at the General Meeting detailed in the circular dated 20 May 2020 (the "Circular") have been duly approved by the Company's shareholders ("Shareholders"). As a result, the Company will proceed to issue 12,424,527 New Ordinary Shares as consideration for the acquisition of Zesty Limited ("Zesty") on 8 June 2020, thereby completing the acquisition of Zesty ("Completion").
Board changes
As detailed in the Circular, the Company hereby confirms that James Balmain and Andrew Williams will be appointed to the Board of Directors of Induction as Joint-Chief Executive Officer and Non-Executive Director respectively, effective from Completion. James Balmain will be Joint-Chief Executive Officer alongside Hugo Stephenson (also Joint-Chief Executive Officer), and Ibraheem Mahmood will step down from the Board of Directors, effective from Completion.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the admission of the 12,424,527 New Ordinary Shares to trading on AIM, which will rank pari passu in all respects with the Existing Ordinary Shares. It is expected that Admission of the New Ordinary Shares will occur at 8.00 a.m. on 9 June 2020.
Following the issue of the New Ordinary Shares, the Company will have 42,050,728 Ordinary Shares in issue. Accordingly, this figure will be the total number of voting rights in the Company and may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Disclosures under Rule 17 of paragraph (g) of Schedule Two of the AIM Rules for Companies
Save as disclosed below, Induction confirms that there are no further disclosures to be made in relation to Rule 17 of paragraph (g) of Schedule Two of the AIM Rules for Companies in respect of James Balmain's and Andrew Williams' appointment to the Board of Directors.
James Henry Stewart Balmain, aged 46, currently holds and has held the following directorships in the past five years:
Current directorships:
Zesty Limited
Directorships held in the past 5 years:
Delforth Limited
Velvetore Limited(1)
(1) Mr Balmain was a director of Velvetore Limited from 25 October 2012 until its dissolution by creditors voluntary liquidation on 07 May 2019.
Following Completion, Mr Balmain will hold 699,391 ordinary shares of 0.5p each in the Company.
Andrew David Williams, aged 61, currently holds and has held the following directorships in the past five years:
Current directorships:
Docly AB
Logex Group
Marlingford Advisory Services Limited
Zesty Limited
Directorships held in the past 5 years:
Ivbar
Following Completion, Mr Williams will hold 419,495 ordinary shares of 0.5p each in the Company.
-Ends-
