AIM - Sch 1 Update-Longships PLC

RNS Number:1257R
AIM
31 March 2008

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR
COMPANIES ("AIM RULES")

COMPANY NAME:
Longships PLC ("Longships" or the "Company")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :
Portwall Place
Portwall Lane
Bristol
BS1 6NA

COUNTRY OF INCORPORATION:
England and Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:
TBC

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS
INVESTING STRATEGY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
STATED:
Longships has been formed for the purpose of investing in strategic and special situations and providing the
opportunity of acquiring an unquoted company/(ies) or business(es) seeking a public quotation. The Directors have
established the Company with a view to offering Shareholders the opportunity to benefit from a focused special
situation approach.

Longships will seek to invest in companies for one of the following two reasons: either the investment will hold
strategic value, or it will represent a strong value opportunity given the various special situation
characteristics.

The Directors plan to invest in specific companies rather than seeking to pursue a sector based investment
strategy. However the Directors believe that certain sectors such as healthcare and technology are likely to
prove attractive, whilst the natural resource sector may also provide selective opportunities.

The Directors will maintain a flexible, unrestricted, approach towards future investments, series of investments
or acquisitions within a specific business sector will also be considered. The Directors are experienced in both
the private equity investment markets and public stock markets. Each of the Directors serves or has served on the
boards of a number of publicly quoted companies. In addition, the Board has considerable fund management and
financial and taxation expertise. The Directors intend using these skills to assess the financial and business
merits of a transaction, augmenting their research with the help of a network of contacts and advisers.

Geographically, the Directors expect that investee businesses will typically be located in the European Union,
although they would not exclude investments in other geographic areas if such investments made sound investment
or strategic sense or filled a gap in the Company's portfolio.

The target candidates for investment using the strategic and special situation policy are likely to fall into the
following categories: take-overs, mergers and acquisitions; turnaround and corporate recovery situations;
candidates for reverse transactions into quoted 'shells'; management buy-outs or buy-ins; corporate divestments
and spin offs; pre-IPO, seed and underwriting positions and acquisitions of unquoted business.

The Company intends to be an active investor, and will seek to realise its investments within a comparatively
short timescale (currently anticipated to be between 24 and 36 months from admission.. The Company may exist for
18 months prior to making an investment. After that period the directors will convene a general meeting of the
Company for the purpose of considering whether to be wound up or continue to pursue an agreed investing strategy.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where
known, number and type of shares, nominal value and issue price to which it seeks admission and the number and
type to be held as treasury shares):

• ordinary shares of 1 pence with an issue price of 20 pence

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
At least £3m

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
TBC

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE
COMPANY) ARE OR WILL BE ADMITTED OR TRADED:
None

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known
or including any other name by which each is known):
The Directors are:

Craig Lees Baxter Niven Non-executive Chairman

Charles Cannon-Brookes Investment Director

Nathan Anthony Steinberg Non - executive Director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE
AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each
is known):
Before Admission:

LB (Swiss) Private Bank Limited 33.42%

Nidham Holdings Limited 32.92%

Arlington Special Situations Fund Limited 16.09%

Needles Fairway SSAS 4.95%

Charles Cannon-Brookes 4.95%

After Admission:

TBD

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
None
(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
(i) 31 December

(ii) 28 February 2008

(iii)

1. Interim accounts dated 30 June 2008 to be published by 30 September 2008

2. Annual account dated 31 December 2008 to be published by 30 June 2009

3. Interim accounts dated 30 June 2009 to be published by 30 September 2009

EXPECTED ADMISSION DATE:
Mid April 2008

NAME AND ADDRESS OF NOMINATED ADVISER:
Grant Thornton Corporate Finance
30 Finsbury Square
London
EC2P 2YU

NAME AND ADDRESS OF BROKER:
Simple Investments
1 High Street
Godalming
Surrey
GU7 1AZ

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION
DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
ADMISSION OF ITS SECURITIES:

Grant Thornton Corporate Finance
30 Finsbury Square
London
EC2P 2YU

DATE OF NOTIFICATION:
31 March 2008

NEW/ UPDATE:
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