REG - R8 Capital Inv. PLC - Update on Proposed Transaction

R8 Capital InvestmentsAnnouncement

10/11/2023 07:00

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RNS Number : 6533S  R8 Capital Investments PLC  10 November 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
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10 November 2023

R8 Capital Investments plc

(the "Company" or "R8")

 

Update on Proposed Transaction

 

Further to the announcement on 2 October 2023 regarding the Company entering
into heads of terms with Redwood Financial Partners Limited ("RFPL") in
relation to the proposed acquisition by the Company of the entire issued share
capital of RFPL (the "Transaction"), the Company would like to provide an
update on the likely timeframe for completion.  The parties have agreed to
target completion of the Transaction on or around 1 July 2024.  The extended
timeframe is largely due to the timelines for certain financial and reporting
workstreams to be completed, including an IFRS conversion exercise of Redwood
Bank Limited, a specialist business bank and RFPL's wholly owned subsidiary.
There can be no certainty that the Transaction will complete and it remains
subject to, amongst other things, formal terms being agreed and the completion
of legal and financial due diligence and regulatory approvals.

A further announcement will be made in due course.

-Ends-

Further information:

R8 Capital Investments plc

Jonathan Rowland / Richard Morecroft         info@r8plc.com

Peterhouse Capital Limited                        + 44
(0) 20 7469 0930

Corporate Broker

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