Further re Disposal - Listing Rule change - General Meeting adjourned
29 July 2024
Further re Disposal - Listing Rule change - General Meeting adjourned
On 9 July 2024, Capita plc ("Capita") announced the sale of its standalone software business ("Capita One"), via the sale of Capita One Limited by Capita Business Services Ltd, to Orchard Information Systems Limited, a wholly-owned subsidiary of the MRI Software, LLC (the "Disposal").
Further to the announcement by Capita on 15 July 2024, following changes to the Listing Rules that have taken effect today, completion of the Disposal is no longer conditional upon the approval of Capita shareholders. As set out in the shareholder circular in relation to the Disposal, the notice convening a general meeting of Capita which was held at 12:00 p.m. today (the “General Meeting”) and the announcement by Capita on 15 July 2024, in such circumstances it is intended that the General Meeting be permanently adjourned without proceeding with a vote in respect of the Disposal.
Capita confirms that the General Meeting was today opened and permanently adjourned.
The Disposal is expected to complete towards the end of August, subject to notification and confirmation from the Secretary of State that no further action will be taken under the UK’s National Security and Investment Act.
Barclays Bank PLC, acting through its Investment Bank (‘Barclays’) is acting as sole financial advisor and sole sponsor to Capita on the transaction.
Notes to editors:
Investor enquiries
Helen Parris, Director of Investor Relations
Tel: 07720 169 269
Email: IRteam@capita.co.uk
Stephanie Little
Deputy Head of Investor Relations
Tel: 07541 622838
Email: IRteam@capita.co.uk
Media enquiries
Capita external communications
Tel: 0207 654 2399
Email: media@capita.co.uk
Barclays Bank PLC, acting through its Investment Bank (Sole Financial Advisor and Sole Sponsor to Capita)
Aamir Khan
Jessel Sheth
Tom Macdonald
Michael Hart
Stuart Muress
Tel: 0207 623 2323
About Capita One
Capita One is a provider of software solutions across the UK public sector, helping local authorities drive efficiency, maximise revenue collection and deliver essential public services as cost effectively as possible. Capita One primarily serves local authorities, local education authorities and housing associations, and the business operates across three sectors: revenue and benefits software, social housing management and education management software. The Capita One senior management team comprises: Jon Peart, Stuart Cheetham, Dave Smedley, Paul Millard, James Allard and Gavin Chamberlain. The Capita One senior management team will be transferring with the business.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI Software’s open and connected, AI-first platform empowers agents, owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI Software has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including social housing and the public sector. Through innovative solutions and a rich partner ecosystem, MRI Software gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, visit https://www.mrisoftware.com/uk/.
About Capita
Capita is a modern outsourcer, helping clients across the public and private sectors run complex business processes more efficiently, creating better consumer experiences. Operating across 8 countries, Capita’s 41,000 colleagues support primarily UK and European clients with people-based services underpinned by market-leading technology. We play an integral role in society - our work matters to the lives of the millions of people who rely on us every day.
Important Notice
Barclays, which is authorised by the Prudential Regulation Authority (‘PRA’) and regulated in the United Kingdom by the FCA and the PRA, is acting exclusively for Capita and no one else in connection with the proposed sale and will not be responsible to anyone other than Capita for providing the protections afforded to clients of Barclays nor for providing advice in relation to the proposed sale or any other matter referred to in this announcement.