Vantis plc ('Vantis' or the 'Company'), the accountancy and professional advisory group, is pleased to announce that it has gained formal approval for a £7 million debt facility, bringing total group facilities to £10 million. The increased facilities will assist the Company to execute its strategy of acquiring individual firms, teams and fees. It is intended that future acquisitions will be funded by a mixture of cash and equity, dependent upon the type and size of acquisitions.
The Company would also like to confirm that the year-end will be 30 April. The four founding firms were acquired by Vantis upon admission to the Alternative Investment Market on 1 May 2002. By consolidating from this date, whilst retaining the previously proposed December year-end, Vantis would have reported first year results to 31 December 2002 with only an eight-month contribution from its trading operations. This would not have aided the clarity of first year performance reporting and future year comparisons. Furthermore, as the end of the tax year in April is traditionally an important period for accountants, the Board considers a 30 April year-end to be more appropriate for the Company.
To reaffirm its commitment to shareholder communication, Vantis also announces that it will comment on trading and announce key performance indicators for the first three months ended 31 July 2002, to be announced on Monday 30 September 2002. In the period leading up to admission, Vantis confirms that the performance of the four founding firms was in line with expectations, as stated in the AIM admission document dated 24 April 2002.
Paul Jackson, Chief Executive said:
"As a leading integrator in the accountancy marketplace, I am delighted that we have negotiated new increased facilities to enable us to roll out our acquisition strategy. The choice of year end and regular reporting will provide greater clarity and understanding to our shareholders, which I feel will be welcomed."
For further information:
Paul Jackson, Chief Executive
Paul Ashton, M&A Director
Vantis plc
020 7417 0417
Richard Darby/Suzanne Dunne
Buchanan Communications
020 7466 500 0
Legal & Regulatory notices