REG - FRP Advisory Grp PLC - Acquisition of APP in Cyprus

Frp AdvisoryAnnouncement

07/12/2022 07:00

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RNS Number : 8251I  FRP Advisory Group PLC  07 December 2022

7 December 2022

FRP ADVISORY GROUP PLC

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

 

Acquisition of APP in Cyprus

 

FRP Advisory Group plc, a leading national specialist business advisory firm,
is pleased to announce the acquisition of APP*; who are based in Limassol,
Cyprus and provide advisory, tax and audit services.  The firm's Directors,
Augoustinos Papathomas and Christina Papathomas will join FRP as Partners. The
rest of the APP team will also join FRP, comprising fourteen colleagues and
one consultant.

 

Geoff Rowley, CEO of FRP, said: "We have known and worked with the team at APP
for many years. They share our values, are experts in their field and focus on
providing the highest quality services to their clients. This combination lays
strong foundations for future growth, and we're pleased to welcome
Augoustinos, Christina and the team to FRP. I have no doubt they will make a
significant contribution to the business and look forward to supporting them
as they continue to grow. The acquisition further strengthens our
international presence and supports our work with global advisory organisation
Eight International, enabling us to better support our clients on
international matters."

 

Augoustinos Papathomas, founder and Senior Director of APP, said: "We are
thrilled to be joining FRP. We have worked with the team for the last few
years, and this cements what has been a fantastic working relationship. We are
excited by the new growth opportunities this represents, whilst enabling us to
continue to provide our existing clients with an industry leading level of
service and creating employment opportunities for exceptional talent across
Cyprus and beyond."

 

321,226 new ordinary shares (the "Consideration Shares") are to be issued as
part of the transaction with application to be made to trading on the AIM
market of the London Stock Exchange ("Admission"). The Consideration Shares
will rank pari passu with the Company's existing Ordinary Shares. It is
expected that Admission of the Consideration Shares will become effective and
that dealings will commence at 8.00 a.m. on 16 December 2022. Following
Admission, the Company will have 249,263,558 ordinary shares in issue with
each ordinary share carrying the right to one vote.  The above figure may be
used by shareholders in the Company as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

* APP consists of two entities: APP Advisory Ltd and APP Audit Co Ltd

 

 

Enquiries:

 

FRP Advisory Group plc
 

Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via MHP

 

Cenkos Securities plc (Nominated Adviser and Sole Broker)

Katy Birkin/Max Gould (Corporate Finance)

Alex Pollen (Sales)

Tel: +44 (0) 207 397 8900

 

MHP (Financial Public Relations)

Oliver Hughes

Charlie Barker

Pete Lambie

Tel: +44 (0) 3128 8540 / +44 (0) 20 3128 8570

FRP@mhpgroup.com (mailto:FRP@mhpgroup.com)

 

Notes to Editors

FRP is a professional services firm established in 2010 which offers a range
of advisory services to companies, lenders, investors and other stakeholders,
as well as individuals. These services include:

·      Restructuring advisory: corporate financial advisory, formal
insolvency appointments, informal restructuring advisory, personal insolvency
and general advice to all stakeholders.

·      Corporate finance: mergers & acquisitions (M&A),
strategic advisory and valuations, financial due diligence, capital raising,
special situations M&A and partial exits.

·      Debt advisory: raising and refinancing debt, debt amendments and
extensions, restructuring debt, asset based lending and corporate and
leveraged debt advisory.

·      Forensic services: forensic investigations, compliance and risk
advisory, dispute services and forensic technology.

·      Pensions advisory: pension scheme transaction advisory, pension
scheme restructuring advisory, covenant advisory and corporate governance

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