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ARBB Arbuthnot Banking Group Plc

1,080.00
15.00 (1.41%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Arbuthnot Banking Group Plc LSE:ARBB London Ordinary Share GB0007922338 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  15.00 1.41% 1,080.00 1,050.00 1,110.00 1,130.00 1,050.00 1,090.00 10,346 16:35:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Commercial Banks, Nec 139.02M 16.46M 1.0085 11.01 181.15M

Arbuthnot Banking Group PLC Completion of Acquisition (6955D)

28/04/2017 11:20am

UK Regulatory


Arbuthnot Banking (LSE:ARBB)
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TIDMARBB

RNS Number : 6955D

Arbuthnot Banking Group PLC

28 April 2017

28 April 2017

Arbuthnot Banking Group PLC

Completion of Acquisition - Renaissance Asset Finance

Arbuthnot Banking Group PLC ("Arbuthnot" or "the Group") today announces that its wholly owned subsidiary Arbuthnot Latham ("AL") has completed the acquisition of 100% of Renaissance Asset Finance Limited ("RAF") from its founders following receipt of regulatory approval.

RAF is a provider of finance for a range of specialist assets which includes vintage and expensive cars and SME business assets. On 31 March 2017 customer assets were GBP56m and RAF's net assets were GBP1.9m.

The consideration will be paid in four staged amounts, all of which will be in cash. The first payment, equal to the net assets at completion, will be finally determined after completion and is anticipated to be GBP2.1m.

The remaining three payments are performance related and will be based on the profits of RAF in each of the three calendar years 2018 to 2021. The maximum amount payable for the performance based payments is limited to GBP6.5m.

AL has also provided an intercompany loan to RAF at completion of GBP57m to re-finance RAF's existing finance liabilities.

The consideration and the refinancing of RAF's funding liabilities have been or will be satisfied from the Group's current cash resources.

Commenting on the transaction Ian Henderson the Chief Executive of Arbuthnot Latham said:

"I am delighted that Arbuthnot Latham, with the support of ABG can further develop its expansion and diversification plans. The acquisition of RAF will fit well alongside our growing Private and Commercial banking units and I welcome the team from RAF into the Group. I look forward to working with them in the future."

Enquiries:

 
 Arbuthnot Banking Group 
  Sir Henry Angest, Chairman and Chief 
  Executive 
  Andrew Salmon, Group Chief Operating 
  Officer 
  James Cobb, Group Finance Director 
  Ian Henderson, Group Director and       0207 012 
  Chief Executive Arbuthnot Latham         2400 
 Stifel Nicolaus Europe Ltd trading 
  as KBW (Nomad and Joint Broker) 
  Robin Mann 
  Gareth Hunt                             0207 710 
  Stewart Wallace                          7600 
 Numis Securities Ltd (Joint Broker) 
  Chris Wilkinson                         0207 260 
  Andrew Holloway                          1000 
 Bell Pottinger (Financial PR) 
  Ben Woodford                            0203 772 
  Sam Cartwright                           2588 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQOKFDQCBKKCQB

(END) Dow Jones Newswires

April 28, 2017 06:20 ET (10:20 GMT)

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