Demerger Update: Georgia Capital PLC Admission

RNS Number : 4476P

Georgia Capital PLC

29 May 2018

 

 London, 29 May 2018

Demerger Update: Georgia Capital PLC Admission

Admission

Georgia Capital PLC ("Georgia Capital") is pleased to announce that its admission of 39,384,714 ordinary shares to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities ("Admission"), under the ticker CGEO, took place at 8.00 a.m. this morning following the demerger of the Investment Business from Bank of Georgia Group PLC ("Bank of Georgia Group").

Immediately prior to Admission, Bank of Georgia Group issued and allotted 9,784,716 Bank of Georgia Group Shares (the "Consideration Shares", equivalent to 19.9% of Bank of Georgia Group's issued ordinary share capital) to Georgia Capital in consideration for the transfer to Bank of Georgia Group by Georgia Capital of Georgia Capital's stake in the Banking Business. As set out in the Bank of Georgia Group prospectus dated 26 March 2018, for as long as Georgia Capital's percentage holding in Bank of Georgia Group is greater than 9.9%, Georgia Capital will exercise its voting rights at Bank of Georgia Group general meetings in accordance with the votes cast by all other Bank of Georgia Group Shareholders on Bank of Georgia Group votes at general meetings. 

A detailed timetable of events is set out in the circular sent to BGEO Shareholders dated 26 March 2018 (the "Circular").

Proposed Reduction of Capital

Georgia Capital announces that its proposed reduction of capital (including capitalising the merger reserve created in connection with the Demerger and as described in its prospectus dated 26 March 2018 ("Reduction of Capital"), is now expected to become effective on 12 June 2018 (rather than on 26 June 2018 as proposed in the timetable of principal events in the Circular) . The Reduction of Capital is a legal and accounting adjustment and is not expected to have any direct impact on the market value of the Georgia Capital Shares.

Capitalised terms used in this announcement have the meanings given to them in the Circular unless otherwise defined herein.

Forward-looking statements

Certain statements in this announcement are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Readers should not place any undue reliance on forward-looking statements which speak only as of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The statements contained herein are accurate as at the date of this announcement. Nothing contained in this announcement shall be deemed to be a forecast, projection or estimate of future performance. Except as required by the rules of the UK Listing Authority and the London Stock Exchange (and applicable law), Georgia Capital PLC undertakes no obligation to update publicly or revise the content of this announcement, whether as a result of new information, future events or otherwise.

Name of authorised official of issuer responsible for making notification: Nino Rekhviashvili, Head of Investor Relations and Funding

About Georgia Capital PLC

Georgia Capital is the holding company of a diversified group focused on investing in and developing businesses in Georgia with holdings in sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy, the opening of the Georgian economy to Europe and economic development in the wider region. The Group seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets. The Group currently has four key portfolio companies: (i) GGU, a water utility and renewable energy business; (ii) m² , a residential and commercial property developer; (iii) Aldagi, the foremost provider of property and casualty insurance products in Georgia; and (iv) Teliani, a leading wine and beer producer in Georgia.

In addition to its portfolio companies, the Company has significant investments in two businesses of the former BGEO Group: GHG, (57% stake), the London Stock Exchange premium-listed parent company of the largest and diversified healthcare provider in Georgia, which operates in the healthcare services, pharmacy and medical insurance sectors; and Bank of Georgia Group PLC (the ''Banking business''), (19.9% stake), leading universal Bank in Georgia.

JSC Georgia Capital has, as of the date hereof, the following credit ratings:
S&P Global	'B+'/FC & 'B+'/LC
Moody's	B2/CFR & B2/PDR

For further information, please visit www.georgiacapital.ge or contact: 

Irakli Gilauri	Michael Oliver	Giorgi Alpaidze	Nino Rekhviashvili
Chairman and Chief Executive	Adviser to the CEO	Chief Financial Officer	Head of Investor Relations
[phone]	[phone]	[phone]	[phone] (9072)
[e-mail]	[e-mail]	[e-mail]	[e-mail]

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities

 

END

 

 

MSCQKLBLVEFBBBB