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LONDON (Alliance News) - Worthington Group PLC Friday said UK regulators have ruled the company's new acquisitions constitute a reverse takeover as Worthington will be a "fundamentally different business" following the deals.
The acquisitions in question have not yet been released by the company. Worthington said it respects the Financial Conduct Authority's decision but said "in the company's view, Worthington was an investment business prior to the transactions and will remain one following the transactions."
"Whilst ideally we would have liked to avoid triggering a reverse takeover, we respect the Financial Conduct Authority's decision and will press ahead with completion of the company's prospectus," said Chief Executive Doug Ware.
Following the transactions, Worthington said it will have interests in litigation funding, media, clean energy, mining, oil and gas and property across the world, including the UK, Australasia, Africa, North America and India.
Consolidated net assets of the group following the conversion of loan notes used to finance the investments is expected to exceed USD2 billion and generate net profits over USD20 million in the first full year following the acquisitions, with its net asset per share increasing to GBP5 per share after financing costs, it said in a statement.
"I'm delighted with the progress that we have been able to make with these acquisitions and our pipeline of investments continues to grow," added Ware.
Worthington shares remain suspended pending a re-application for listing of the company's shares and the issue of a prospectus.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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