Last checked at 1 Apr 2021 07:00
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 £10.1 million.
It is expected that the adjusted fair value of the net assets of Asset Alliance will be approximately £20.2 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