Record PLC Business Update (7571T)
March 22 2019 - 8:10AM
UK Regulatory
TIDMREC
RNS Number : 7571T
Record PLC
22 March 2019
RECORD PLC
BUSINESS UPDATE
Record plc ("Record" or "the Company") announces today that it
has subscribed GBP40,000 for 40 per cent. of the ordinary share
capital of Trade Record Ltd ("Trade Record"), and entered into a
shareholders' agreement with Trade Record's other shareholders,
comprising Leslie Hill and Bob Noyen, both of whom are directors of
Record, and one other.
Trade Record is a newly-formed company established to offer
pay-to-enter competitions in which subscribers trade virtual money
across asset classes, and the best realised trade performance
determines a cash prize winner. Record is optimistic that its
investment in Trade Record will allow Record to benefit from its
associated branding including in recruitment, as well as offering
the opportunity to create shareholder value in a business that
offers significant diversification from Record's established
currency management business.
The subscription of GBP40,000 will be met from Record's cash
resources, and the gross assets of Trade Record at subscription are
GBP80,000. As a newly-formed company Trade Record has generated no
profits.
Record will announce its fourth quarter trading update on 17(th)
April 2019.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852
222
James Wood-Collins, Chief Executive
Officer
Steve Cullen, Chief Finance Officer
MHP Tel: +44 (0) 20 3128
8100
Nick Denton record@mhpc.com
Ollie Hoare
Notes to Editors
Record plc
Record is a specialist currency manager and provider of currency
hedging services for institutional clients. Founded in 1983, Record
has established a market leading position as a currency manager.
Specifically, the Group has a leading position in managing Currency
Hedging and Currency for Return for institutional clients.
The Group has four principal reporting lines:
- Dynamic Hedging, where Record seeks to eliminate the
impact of currency movements on elements of clients'
investment portfolios that are denominated in foreign
currencies when these movements are expected to result
in an economic loss to the client, but not to do so
when they are expected to result in an economic gain;
- Passive Hedging, where Record seeks to eliminate fully
or partially the economic impact of currency movements
on elements of clients' investment portfolios that
are denominated in foreign currencies;
- Currency for Return, in which Record enters into currency
contracts for clients with the objective of generating
positive returns; and
- Multi-Product, where the client mandate includes combined
hedging and return-seeking objectives.
Record (LSE: REC) was admitted to trading on the London Stock
Exchange on 3(rd) December 2007.
This announcement includes information with respect to Record's
financial condition, its results of operations and business,
strategy, plans and objectives. All statements in this document,
other than statements of historical fact, including words such as
"anticipates", "expects", "intends", "plans", "believes", "seeks",
"estimates", "may", "will", "continue", "project" and similar
expressions, are forward-looking statements.
These forward-looking statements are not guarantees of the
Company's future performance and are subject to risks,
uncertainties and assumptions that could cause the actual future
results, performance or achievements of the Company to differ
materially from those expressed in or implied by such
forward-looking statements.
The forward-looking statements contained in this document are
based on numerous assumptions regarding Record's present and future
business and strategy and speak only as at the date of this
announcement.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained in this announcement whether as a result of
new information, future events or otherwise.
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.
END
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