REG - RiverFort Global Opp Pires Investments - Update on Pires Investments plc

Riverfort Global OpportunitiesAnnouncement

01/06/2022 13:15

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RNS Number : 5969N  RiverFort Global Opportunities PLC  01 June 2022

 

1 June 2022

RiverFort Global Opportunities plc

 

("RGO" or the "Company")

 

Update on Pires Investments plc

 

 

The Board of RGO notes the announcement this morning by one of its investee
companies, Pires Investments plc ("Pires"), with regard to a recommended all
share offer being made for Pires by Tern plc.

 

Under the terms of the offer, holders of Pires shares will be entitled to
receive 0.51613 new Tern shares for each Pires share held.  Based on a
closing price of 15.5 pence per Tern Share on 31 May 2022, the offer for Pires
by Tern values:

·    each Pires share at 8.0 pence, a premium of 53.8 per cent. to Pires'
closing share price of 5.2 pence on the 31 May 2022 and a 31.9 per cent.
premium to the average closing share price of 6.1 pence per Pires Share for
the six months ended 31 May 2022;

·    the entire issued and to be issued share capital of Pires at
approximately £14.9 million; and

·    the enlarged group at a combined market capitalisation of
approximately £69.5 million (assuming completion of the acquisition).

RGO has 30,914,193 shares in Pires which, at the offer price, values RGO's
shareholding in Pires at circa £2.5 million.  RGO has also signed an
irrevocable undertaking in connection with the offer relating to all the
shares and warrants in Pires held by RGO.

Full announcement
here: https://www.londonstockexchange.com/news-article/TERN/recommended-all-share-offer-for-pires-investments/15477355
(https://www.londonstockexchange.com/news-article/TERN/recommended-all-share-offer-for-pires-investments/15477355)

 

 

Enquiries:

 

 RGO plc                                       Tel: +44 (0) 20 3368 8978

 Philip Haydn-Slater, Non-Executive Chairman

 Nicholas Lee, Director

 Nominated adviser                             Tel: +44 (0) 20 7628 3396

 Roland Cornish/Felicity Geidt

 Joint Broker                                  Tel: +44 (0) 20 7562 3351

 Peterhouse Capital Limited

 Lucy Williams

 Joint Broker                                  Tel: +44 (0) 20 7186 9950

 Shard Capital Partners LLP

 Damon Heath

 

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