Arbuthnot Banking Group PLC Completion of Acquisition of Asset Alliance (1780U)
April 01 2021 - 2:00AM
UK Regulatory
TIDMARBB
RNS Number : 1780U
Arbuthnot Banking Group PLC
01 April 2021
1 April 2021
Arbuthnot Banking Group PLC
Completion of Acquisition of Asset Alliance
Arbuthnot Banking Group PLC ("Arbuthnot" or the "Group") today
announces that subsequent to the market notification on 10 December
2020, its subsidiary Arbuthnot Latham ("AL" or the "Bank") has
completed the purchase of the entire issued share capital of Asset
Alliance Group Holdings Limited ("Asset Alliance")
Asset Alliance provides vehicle finance and related services,
predominantly in the truck & trailer and bus & coach
markets. Operating from five locations, it is the UK's leading
independent end-to-end specialist in commercial vehicle financing
and has over 4000 vehicles under management.
The consideration is based on an agreed discount to the tangible
net assets of Asset Alliance at completion, after adjusting for the
fair value of the assets available for lease. The consideration is
now anticipated to be approximately GBP10.1 million.
It is expected that the adjusted fair value of the net assets of
Asset Alliance will be approximately GBP20.2 million. Once the fair
value verification exercise has been completed it is expected that
the negative goodwill accounting adjustment will be materially
larger than originally forecast.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
The Directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Arbuthnot Banking Group 0207 012 2400
Sir Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
Grant Thornton UK LLP (Nominated Adviser and
AQSE Exchange Corporate Adviser) 020 7383 5100
Colin Aaronson
Samantha Harrison
Seamus Fricker
Numis Securities Ltd (Joint Broker) 0207 260 1000
Stephen Westgate
Shore Capital (Joint Broker) 020 7408 4090
Hugh Morgan
Daniel Bush
Maitland/AMO (Financial PR) 020 7379 5151
Neil Bennett
Sam Cartwright
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 or visit 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.
END
ACQJBMITMTTJBIB
(END) Dow Jones Newswires
April 01, 2021 02:00 ET (06:00 GMT)
Arbuthnot Banking (AQSE:ARBB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Arbuthnot Banking (AQSE:ARBB)
Historical Stock Chart
From Dec 2023 to Dec 2024