Announcement • Jun 10
Partway Group Proposes Cancellation from Admission to Trading on AIM Partway Group Plc provided update in relation to its activities and the consequences in relation to the admission to trading on AIM of the Company's ordinary shares. Over the last six months, the Directors have assessed a number of potential acquisition opportunities that would have constituted a reverse takeover under Rule 14 of the AIM Rules for Companies (‘Reverse Takeover’ or ‘RTO’). The criteria the Directors have used in assessing these acquisition opportunities have included: the opportunity to generate future value for the Company's shareholders; the likelihood of delivering a RTO within the timeframe set out in Rule 15 of the AIM Rules for Companies before the Company would be delisted, being 9 December 2024; and the significant potential costs and risks associated with undertaking an RTO. The Directors have also been very conscious of the ongoing use of the Company's existing cash resources associated with its continued listing whilst the search for a suitable Reverse Takeover candidate progresses. Suspension of trading on AIM: As outlined in its announcement of 8 December 2023, following the disposal of the Company's main trading business, Parity Professionals Limited, Partway became classified as an AIM Rule 15 cash shell from that date. As neither a reverse takeover nor readmission to trading on AIM as an investing company have yet been completed, trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30 a.m. BST 10 June 2024. Proposed cancellation of admission to trading on AIM: Under Rule 41 of the AIM Rules, it is a requirement that the cancellation of trading on AIM in the Company's ordinary shares must be approved by not less than 75 per cent. of votes cast by shareholders at a general meeting of the Company. In addition, any AIM company that wishes for the London Stock Exchange to cancel the admission of its shares to trading on AIM is required to notify shareholders and to separately inform the London Stock Exchange of its preferred cancellation date at least 20 Business Days prior to such date. Accordingly, the Board has noticed the London Stock Exchange of the Company's intention, subject to the appropriate resolution being passed at a general meeting of the Company, to cancel the Company's admission of the Ordinary Shares to trading on AIM on 9 July 2024. The proposed entry by the Company into the MVL and the cancellation of trading on AIM of the Company's ordinary shares are matters which require the approval of the Company's shareholders. A circular convening a general meeting of the Company in relation to these matters will be sent to shareholders in due course, and a further update will be made when appropriate. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 45% per year over the past 5 years. Market cap is less than US$10m (UK£901.9k market cap, or US$1.12m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Dec 09
Network Ventures Limited acquired Parity Professionals Ltd. from Parity Group plc (AIM:PTY). Network Ventures Limited agreed to acquire Parity Professionals Ltd. from Parity Group plc (AIM:PTY) for £3 million on November 21, 2023. Under the terms of transaction, cash consideration of £2 million and earnout of £1 million. Post completion, the name would change to Partway Group plc. Transaction is subject to shareholder approval of Parity Group. Allenby Capital Limited acted as financial advisor to Parity Group.
Network Ventures Limited acquired Parity Professionals Ltd. from Parity Group plc (AIM:PTY) on December 8, 2023. 