NAHL Group PLC Response to Rule 2.8 statement by Frenkel Topping (6092L)
January 13 2021 - 10:56AM
UK Regulatory
TIDMNAH
RNS Number : 6092L
NAHL Group PLC
13 January 2021
FOR IMMEDIATE RELEASE
13 January 2021
NAHL Group plc
("NAHL", the "Company" or the "Group")
Response to Rule 2.8 announcement by Frenkel Topping Group
plc
The board of directors of NAHL (the "Board") notes the
announcement by Frenkel Topping Group plc ("Frenkel Topping") and
confirms that shortly before this announcement was made, it
received notification from Frenkel Topping that it did not intend
to make an offer for NAHL.
Following extensive discussions, the Board has been unable to
conclude a transaction that is in the best interests of NAHL
shareholders.
Business update
Following the Group's trading update on 16 December 2020, the
Board is pleased to confirm the Group ended the financial year in
line with the Board's expectations.
The Group continues to deliver on its near-term strategic focus
of producing positive cash flows and reducing net debt. Since the
Group's last update, net debt has reduced by a further GBP0.8m to
GBP16.3m at 31 December 2020 (31 December 2019: GBP21.0m).
Furthermore, the Group is pleased to report free cash flow of
GBP6.1m for the year, a significant improvement compared to the
previous year (2019: cash outflow of GBP1.7m). This was achieved
through placement optimisation, increased settlements from
historical claims and improved cost savings.
The Group's two divisions, Consumer Legal Services and Critical
Care, headed by their own autonomous management structures, have
continued to deliver against their respective strategies through
the potential offer process. The Board remains committed to
creating value from the Group's portfolio and will continue to
actively review its operations and strategy, led by the Chair, Tim
Aspinall and CFO, James Saralis. The Board will make further
announcements in due course.
For further information please contact:
NAHL Group plc via FTI Consulting
Tim Aspinall (Chair) Tel: +44 (0) 20
James Saralis (CFO) 3727 1000
Peel Hunt LLP (Nomad & Broker) Tel: +44 (0) 20
Miles Cox 7418 8890
Rishi Shah
Michael Nicholson
Ed Allsopp (NOMAD)
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Sam Macpherson
Notes to Editors
NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal
Services ("CLS") market. The Group provides services and products
to individuals and businesses in the CLS market through its two
divisions:
-- Consumer Legal Services provides outsourced marketing
services to law firms through National Accident Helpline and
Homeward Legal; and claims processing and conveyancing services to
individuals through Your Law, Law Together, National Accident Law
and National Conveyancing Partners. In addition, it also provides
property searches through Searches UK.
-- Critical Care provides a range of specialist services in the
catastrophic and serious injury market to both claimants and
defendants through Bush & Co.
More information is available at www.nahlgroupplc.co.uk ,
www.national-accident-helpline.co.uk and www.bushco.co.uk .
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END
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