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  1. Software & Computer Services
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Key Company Info.
Trading Notes:

Cancellation of Trading - 19th Dec 2019 - Acquisition (Merger/MBO/Private/PLC Acquisition/ Takeover/Scheme)

Company Description:

The SCISYS group of companies ("SCISYS Group") operates in a broad spectrum of market sectors. It supplies bespoke software systems, IT-based solutions and support services to the Media & Broadcast, Space, Government, Defence and Commercial sectors. Employing around 580 staff, the SCISYS Group is a leading developer of information and communications technology services, e-business, web and mobile applications, editorial newsroom and advanced technology solutions. SCISYS clients are predominantly blue-chip and public-sector organisations. Customers include the Environment Agency, the Ministry of Defence, Airbus Defence & Space, Thales Alenia Space, Arqiva, Vodafone, the European Space Agency, Eumetsat, the BBC, Radio France, RTL, RNLI, Pets at Home, Siemens and the National Trust. SCISYS' main country of operation is the United Kingdom but has a significant presence in Germany. Given: (i) the European nature of the SCISYS Group's business and operations; (ii) ongoing uncertainty concerning the future relationship of the United Kingdom with the European Union; (iii) the potential impact on the ability of the SCISYS Group to participate in EU-funded programmes following Brexit; and (iv) the SCISYS Group's ongoing desire to continue its long-standing participation in European Union funded programmes, the directors of SCISYS PLC have now concluded that it is in the best interests of the SCISYS Group to begin formal steps to implement a restructuring of the SCISYS Group. In the Directors' view, this move is expected to satisfy any applicable European Union residency requirements for EU-funded work without adversely affecting the SCISYS Group's ability to continue contributing to space programmes funded by ESA, the UK Space Agency and commercial operators. To this end, SCISYS PLC proposes to put in place a new parent company for the SCISYS Group, SCISYS Group PLC, being a public limited company incorporated in the Republic of Ireland that is intended to be tax resident in the United Kingdom. It is intended that this new corporate structure will be implemented by means of a Court-sanctioned scheme of arrangement under the Companies Act 2006 (Scheme of Arrangement).

Active: No Longer Trading on AIM


List date: 25th September 1997 00:00

South West

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Nominated Advisor:

finnCap Ltd


finnCap Ltd

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