Reckon Limited announced the spin-off of Document Management Business.
Reckon and Document Management Newco will continue to work together to maintain integration and on-going support of document management solutions to Reckon clients. The spin-off is subject to due diligence and any necessary regulatory approvals. Shareholder approval will not be required for the deal. The formal implementation and admission of Document Management Newco to AIM would occur approximately a month after the close of the capital raising. On July 6, 2017, Document Management Business is renamed as GetBusy Plc. The shareholders will receive 1 GetBusy Share for every 3 Reckon Shares held at the Record Time. The record date for the transaction is July 12, 2017. The expected admission date for GetBusy is August 4, 2017. Philip Secrett, Jamie Barklem and Carolyn Sansom of Grant Thornton UK LLP acted as accountants for GetBusy and Andy Crossley and Richard Johnson and Fiona Conroy of Stockdale Securities Limited acted as brokers for GetBusy. Paul Cornelius, Nick Rome and Sam Allen of Walbrook PR acted as public relation advisors to GetBusy.