REG - Tertre Rouge Assets - Termination of Proposed Acquisition and Delisting

Tertre Rouge AssetsAnnouncement

15/07/2024 13:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240715:nRSO4481Wa&default-theme=true

RNS Number : 4481W  Tertre Rouge Assets PLC  15 July 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.

15 July 2024

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

Termination of Proposed Acquisition and

Notice of Intention to Delist from the London Stock Exchange

TRA, the special purpose acquisition company formed with the intention to
acquire assets and/or businesses that are in or otherwise focused on or
ancillary to the collectible automobile sector, announces that the non-binding
heads of terms to acquire the issued share capital of The Run To Group Limited
("Run To") and the several conditional purchase agreements to acquire the Car
Assets referred to in the announcements of 27 July 2023, 9 November 2023 and 9
January 2024 (collectively, the "Proposed Acquisition") have been terminated
by mutual agreement of all relevant parties. The reason for the termination of
the Proposed Acquisition was that the required funding was not available given
the ongoing market conditions.

Over the past several months, the Directors have held numerous meetings with
potential investors. Whilst the initial feedback regarding the Proposed
Acquisition was positive, the common theme of these meetings was the
continuing tough conditions faced by the UK's capital markets and the
difficulty faced by pre-revenue issuers attempting to raise capital.

Voluntary Delisting

The Directors have since undertaken a strategic review of the business, given
the feedback received to date from potential investors and the continuing
difficult market conditions. Following this review, the Directors have
concluded that it is in the best interests of shareholders to take the
necessary steps to cancel the Company's listing and admission to trading to
reduce costs and the administrative burden of the public listing, since at
this time the listing does not generate sufficient benefit to the Company.

The Company has applied to the Financial Conduct Authority ("FCA") and the
London Stock Exchange to effect a cancellation of the listing of its ordinary
shares from the standard listing segment of the FCA's Official List and from
trading on the Main Market of the London Stock Exchange ("Delisting"). It is
anticipated that, in accordance with Listing Rule 5.2.8R, the Delisting will
be effective at 8:00 a.m. on 13 August 2024. Following the Delisting, the
Company will no longer be subject to the regulatory and statutory regime which
applies to companies admitted to the standard segment of the Official List and
traded on the Main Market.

The securities to which the Delisting relates are the ordinary shares of
£0.04 each in the share capital of the Company with the ISIN GB00BNHN6S26
(the "Shares"). Following the Delisting, it will no longer be possible to
trade the Shares on the London Stock Exchange. However, following the
Delisting, holders of Shares will continue to be entitled to transfer such
Shares in accordance with the requirements of the Company's articles of
association.

The Delisting will allow the Company to save costs, reduce its administrative
and regulatory burden, and provide it with flexibility to pursue other
options.

Steven Schapera, non-Executive Chairman and Co-Founder of TRA, said: "We are
disappointed that we have not been able to complete the Proposed Acquisition,
and the Board has determined that termination of these discussions is in the
best interests of our shareholders. Unfortunately, despite our best efforts,
we could not raise the necessary funds in what continues to be a difficult
market environment. Whilst we appreciate this will come as a disappointment to
our shareholders, it is in their best interests that we delist TRA whilst we
explore alternative options."

 

 

Enquiries

For further information, please visit www.tertrerougeassets.com
(https://tertrerougeassets.com/)  or contact:

 

Tertre Rouge Assets PLC

Steven Schapera

Non-Executive Chairman and Co-Founder

T: +44 (0)7917 715533

Email: steven@tertrerougeassets.com (mailto:steven@tertrerougeassets.com)

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  MSCGPUGWMUPCGPA