Orchard Funding Group PLC Acquisition of Orchard Bond Finance PLC (2439U)
December 02 2021 - 1:59AM
UK Regulatory
TIDMORCH
RNS Number : 2439U
Orchard Funding Group PLC
02 December 2021
2(nd) December 2021
Orchard Funding Group PLC
Acqusition of Orchard Bond Finance PLC
Orchard Funding Group PLC ("Orchard", the "Group" or "Company"),
the finance group which specialises in insurance premium finance
and the professions funding market, announces that it has acquired
Orchard Bond Finance PLC ("Orchard Bond Finance") (the
"Acquisition").
Orchard Bond Finance is a dormant shell company which was
acquired for nominal consideration from the Group's CEO and Orchard
Bond Finance's sole shareholder, Ravi Takhar. The Acquisition does
not constitute a related party transaction pursuant to AIM Rule
13.
Orchard intends to utilise Orchard Bond Finance as a vehicle to
raise liquidity for the Group through a potential listed bond issue
in 2022 (the "Bond Issue"). Should the Board resolve to proceed
with the Bond Issue, it is proposed that the bonds would have a
five year life, pay a target annual coupon of circa 6 per cent. and
be partially guaranteed by the Company to up a value of 10 per
cent. of the principal value of the bonds. Subject to completion of
the Bond Issue, the Group intend to apply for the bonds to be
admitted to the FCA's Official List and admitted to trading on the
London Stock Exchange's Order Book for Fixed Income Securities
market.
The timing and launch of the proposed Bond Issue will be
subject, amongst other factors, to prevailing market conditions.
Further updates will be made in due course.
For further information, please contact:
Orchard Funding Group PLC +44 (0)1582 346 248
Ravi Takhar, Chief Executive Officer
Liberum (Nomad and Broker) +44 (0)20 3100 2222
Neil Patel
Lauren Kettle
For Investor Relations please go to:
www.orchardfundinggroupplc.com This announcement contains inside
information for the purposes of Article 7 of EU Regulation
596/2014. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
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December 02, 2021 01:59 ET (06:59 GMT)
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