SRC Sigmaroc Plc

TIDMSRC

RNS Number : 5881Y

SigmaRoc PLC

04 January 2024

4 January 2024

SIGMAROC PLC

(" SigmaRoc ", the " Company " or the " Group ")

Admission to AIM

SigmaRoc (AIM: SRC), the AIM quoted lime and limestone group, is pleased to announce the Admission of its Enlarged Share Capital, comprising 693,801,899 Existing Ordinary Shares, 418,464,565 Placing Shares and 2,588,066 REX Intermediaries Offer Shares, to trading on AIM effective from 8.00 a.m. on 4 January 2024 and completion of the acquisition of the Deal 1 Targets.

Highlights of the Acquisitions

-- Provide an opportunity to become Northern Europe's leader in lime and a key supplier to the structural growth markets critical for the green transition.

-- Lime and limestone are key resources in the transition to a more sustainable economy. New applications for lime and limestone products as part of a drive for sustainability include the production and recycling of lithium batteries, the decarbonisation of construction including through substitution of cementitious material and new building materials, and environmental applications including lake liming, air pollution and direct air capture.

-- The lime market is expected to continue to grow and to be worth EUR1.9 billion in 2031 across the Enlarged Group's markets.

-- Pro forma revenue of the Enlarged Group for FY22 would be GBP1 billion with underlying EBITDA of GBP211 million (assuming, in each case, exercise of the UK Call Option and Polish Call Option).

-- The Enlarged Group is expected to be significantly cash generative with a free cash flow target in excess of GBP100 million per annum which is expected to enable the Enlarged Group to de-gear at a rate of 0.5x per year with target leverage of 1.0x.

-- The Targets, together, have a consistent performance track record delivering FY22 revenue of EUR579.7 million and EBITDA of EUR133.7 million and EBITDA margin in excess of 20 per cent.

-- Expected to deliver revenue growth opportunities and cost synergies resulting in at least EUR30 million of EBITDA contribution by 31 December 2027.

   --      The Targets are aligned with SigmaRoc's ESG and net zero ambitions. 

-- Whereas the Deal 1 Targets are stand-alone entities, the Call Option Targets (being the UK Target and the Polish Target) require carving out of existing CRH businesses in order to be acquired.

-- Total consideration payable by the Company for the Deal 1 Targets is EUR745 million (approximately GBP645 million).

Trading

SigmaRoc has continued to trade well since the October Q3 update. The Company will provide fuller commentary later in January with results expected to be at least in line with market expectations*.

Defined terms used throughout this announcement have the meanings set out in the admission document published by the Company on 23 November 2023 unless the context requires otherwise.

*Consensus expectations for SigmaRoc, being the average of forecasts for the year ending 31 December 2023 provided by analysts covering the Company, are revenue of GBP596.9m and underlying EBITDA of GBP110.2m.

Information on SigmaRoc is available on the Company's website at: www.sigmaroc.com .

For further information, please contact:

 
 SigmaRoc plc                                    Tel: +44 (0) 207 002 
  Max Vermorken (Chief Executive Officer)                        1080 
  Garth Palmer (Chief Financial Officer)              ir@sigmaroc.com 
  Tom Jenkins (Head of Investor Relations) 
 
 Liberum Capital Limited (Nominated              Tel: +44 (0) 203 100 
  and Financial Adviser, Joint Bookrunner                        2000 
  and Co-Broker) 
  Dru Danford / Ben Cryer / Mark Harrison 
  / John More / Anake Singh 
 
 Peel Hunt (Joint Bookrunner and Co-Broker)      Tel: +44 (0) 20 7418 
  Investment Banking                                             8900 
  Mike Bell / Ed Allsopp / Ben Harrington 
  ECM Syndicate & Broking 
  Sohail Akbar / Jock Maxwell Macdonald 
  / Tom Ballard 
 
 
 
 Walbrook PR Ltd (Public Relations)             Tel: +44 20 7933 8780 
                                                                    / 
 Tom Cooper / Nick Rome                       sigmaroc@walbrookpr.com 
                                                Mob: +44 7748 325 236 
                                                               (Nick) 
 

About SigmaRoc plc

SigmaRoc is an AIM-quoted lime and limestone group targeting quarried materials assets in the UK and Northern Europe. It seeks to create value by purchasing assets in fragmented materials markets and extracting efficiencies through active management and by forming the assets into larger groups. It seeks to de-risk its investments through the selection of projects with strong asset-backing.

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January 04, 2024 03:15 ET (08:15 GMT)

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