REG - Tertre Rouge Assets - Acquisitions and Fundraising Update

Tertre Rouge AssetsAnnouncement

09/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240109:nRSI0192Za&default-theme=true

RNS Number : 0192Z  Tertre Rouge Assets PLC  09 January 2024

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

Tertre Rouge Assets PLC (the "Company" or "TRA")

Further update re. Acquisitions and Fundraising

Further to the Company's announcements on 27 July 2023 and 9 November 2023,
TRA is pleased to provide an update regarding its proposed acquisitions of
certain classic cars, the entire issued share capital of The Run To Group
Limited (the "Target") and its associated proposed equity fundraising to raise
gross proceeds of up to £50 million (the "Fundraising").

TRA has entered into a purchase agreement for a 1972 Lamborghini Miura P400 SV
for consideration of €3.25 million (approximately £2.8 million).
Consequently, there are now purchase agreements in place on all six cars,
which have an aggregate value of £32 million. In addition, the Company
continues to progress the documentation to acquire the entire issued share
capital of the Target. The Company is making good progress with securing the
approval of its prospectus with the Financial Conduct Authority and does not
expect any difficulty with satisfying eligibility requirements and securing
approval of its prospectus, subject to the Fundraising being successful.

In light of this progress, the Company has commenced formal marketing in
connection with the Fundraising, which is being administered by Oberon
Capital. It is anticipated that this process will be completed on or around 25
January. It is further anticipated that the issue price for each new ordinary
share in the capital of the Company to be issued pursuant to the Fundraising
will be £1.05 and that the Directors of the Company will subscribe for
additional shares to an aggregate value of approximately £1 million.

 

 Contacts

 Tertre Rouge Assets PLC                   T:  +44 (0)7917 715533

 Steven Schapera                           E:  steven@tertrerougeassets.com

 Non-Executive Chairman & Co-Founder

 Oberon Capital                            T: +44 (0)20 3179 5300
 Adam Pollock

 Nick Lovering

 

 

Oberon Capital ("Oberon") is a trading name of Oberon Investments Limited,
which is authorised and regulated in the United Kingdom by the FCA and is
acting as broker for the Company and for no one else in connection with the
Fundraising. Oberon will not regard any other person as its client in relation
to the Fundraising and will not be responsible to anyone other than the
Company for providing the regulatory protections afforded to its clients, nor
for providing advice in relation to the contents of this announcement or any
transaction, arrangement or other matter referred to herein.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQFFFLVLDITIIS