City Of London Group PLC Acquisition completion (4343M)
January 08 2019 - 2:00AM
UK Regulatory
TIDMCIN
RNS Number : 4343M
City Of London Group PLC
08 January 2019
City of London Group plc
("COLG" or the "Company")
Acquisition completion
Acquisition of Acorn to Oaks Financial Services
Following the announcement on 30 July 2018, regarding the formal
agreement for COLG to acquire 100% of the shares of Acorn to Oaks
Financial Services Limited ("A2O") (the "Acquisition"), COLG is
pleased to announce that the Acquisition has completed.
As set out in the announcement on 30 July 2018, Jason Oakley,
his wife Claire Oakley and a vehicle controlled by Mr and Mrs
Oakley (together the "Founders") own 92% of the shares of A2O, and
the initial consideration of GBP1.4m will be satisfied as
follows:
a) the consideration payable to the Founders, which will be
satisfied by way of zero-coupon loan notes that can be converted
into new shares in COLG following the preparation of the annual
accounts for the financial year-ending 31 March 2021; and
b) the consideration payable to the other shareholders of A2O,
which will be satisfied by way of new shares in COLG.
Following completion of the Acquisition, the Company has issued
82,068 new ordinary shares of 2p each as part of the consideration
outlined above.
An application will be made to the London Stock Exchange for the
new ordinary shares to be admitted to trading on AIM ("Admission").
It is anticipated that Admission will occur on 14 January 2019.
Total voting rights
Following Admission, the issued share capital of the Company
will comprise 29,287,263 ordinary shares with one voting right per
share. The Company does not hold any shares in treasury. Therefore,
the total number of ordinary shares and voting rights in the
Company will be 29,287,263. The above figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Enquiries
City of London Group plc
Michael Goldstein +44 (0)20 7583 5555
Peel Hunt LLP (nominated
adviser and broker)
James Britton, Rishi Shah +44 (0)207 418 8900
--------------------
Konductor Limited (PR adviser)
Katharine McNamara, Rebecca
Sanders-Hewett +44 (0)7966 505661
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LEI: 2138003UW63TMQ5ZFD85
Notes to Editors
About City of London Group
City of London Group is a forward-thinking organisation focused
on serving the UK SME market. It is primed for the future, but
grounded with traditional values and a strength and depth of
expertise, looking to grow through its two-pronged strategy.
The Group's expertise covers equity release, finance for the SME
sector, and secured lending. The Group has experience with
commercial banking and mortgages, and access to funding
arrangements such as commercial, SME, bridging and development
finance, home reversion plans, and asset and loan finance.
COLG ensures its services are always delivered with a personal
touch, so clients know that they are more than a customer and have
a partner that will work with them as they look towards the
future.
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END
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