Redde Northgate Plc Rule 19.6(b) update
May 01 2020 - 11:17AM
UK Regulatory
TIDMREDD
1 May 2020
Redde Northgate plc
("Redde Northgate")
Rule 19.6(b) update to stated post-offer intention statement
Redde Northgate plc announces that, further to the completion of the merger of
Redde Plc and Northgate Plc on 21 February 2020 (the "Merger"), certain
courses of action have been taken which differ from its statements of intent
made pursuant to Rule 2.7(c)(iv) and 24.2(a)(iii) of the City Code on Takeovers
and Mergers (the "Stated Intentions") which were set out in its announcement of
29 November 2019 and the scheme document published in connection with the
Merger on 12 December 2020 (together, the "Offer Documentation").
This announcement is required under Rule 19.6(b) of the City Code on Takeovers
and Mergers.
The Stated Intentions included Redde Northgate's intention, as at the date of
the Offer Documentation, to make no material changes to the employment
conditions of employees of Redde plc.
In light of the COVID-19 pandemic Redde Northgate has taken steps to furlough
certain employees. This has included employees who joined Redde Northgate from
Redde at the completion of the Merger. The current terms of such furlough
arrangements reflect the relevant guidelines issued by the UK government. Redde
Northgate is keeping such arrangements under review. It intends them to be
temporary and to end the furlough arrangements when appropriate.
The contractual rights of Redde Northgate employees will otherwise continue to
be maintained.
-Ends-
For further information, contact:
Buchanan
David Rydell/Jamie Hooper/Tilly Abraham +44 (0) 207 466 5000
Notes to Editors:
Redde Northgate plc is a leading integrated mobility solutions platform formed
in February 2020 following the all-share merger of light commercial hire
business Northgate plc and Redde plc, the provider of incident and accident
management, legal and other mobility-related services.
The Group provides mobility solutions and automotive services to a wide range
of businesses and customers spanning the vehicle life cycle across vehicle
supply, service, maintenance, repair, recovery, accident and incident
management and disposal through sale or salvage.
With an extensive network and diversified fleet of over 110,000 owned vehicles
and over 400,000 managed vehicles in more than 100 branches across the UK,
Ireland and Spain, the Group aims to utilise its scale, reach and comprehensive
suite of integrated services to offer a market-leading customer proposition and
drive enhanced returns for shareholders.
Further information regarding Redde Northgate plc can be found on the Company's
website:
www.reddenorthgate.co.uk
END
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