TIDMREC
RNS Number : 3771J
Record PLC
21 December 2020
RECORD PLC
BUSINESS UPDATE
Record plc ("Record" or "the Company") announces today that it
has disposed of its 40% shareholding in the ordinary share capital
of Trade Record Ltd ("Trade Record"). Proceeds of the disposal
amount to GBP120,000 which equates to the Company's total
investment at cost.
In accordance with the terms contained in the Trade Record
shareholders' agreement, Record's shares were offered to the
remaining Trade Record shareholders in proportion to their existing
holdings, being Leslie Hill and Bob Noyen, both of whom are
directors of Record, and Rebecca Venis, a director of Trade Record
and an employee of a subsidiary of the Company. The Company has
agreed to sell its 40% shareholding in equal proportions to Leslie
Hill and Rebecca Venis.
Trade Record was established in March 2019 to offer pay-to-enter
competitions in which subscribers trade virtual money across asset
classes, with the best realised trade performance determining a
cash prize winner. Whilst initially aimed at activities within the
investment and financial arena, Trade Record now plans to focus on
a broader scope of sectors including gaming and sporting events to
evolve the business. In light of this change in direction, the
Company's board (other than Leslie Hill and Bob Noyen) has decided
that it is in the best interests of Record's shareholders to divest
of the Company's shareholding in Trade Record in order to focus on
the current opportunities available to build its core business.
The Company's aggregate investment of GBP120,000 had been
satisfied through existing cash resources and the sale of its
shareholding will be settled fully in cash. Trade Record has not
generated any profits since inception.
Ms Hill and Ms Venis are deemed to be related parties of the
Company, and the above transaction is therefore classified as a
smaller related party transaction as defined in LR 11.1.10 R.
Record will announce its third quarter trading update on 22
January 2021.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Leslie Hill, Chief Executive Officer
Steve Cullen, Chief Finance Officer
Buchanan Tel: +44 (0) 20 7466 5000
Giles Stewart record@buchanan.uk.com
Henry Wilson
George Beale
Notes to Editors
Record plc
Founded in 1983, Record is an independent, specialist currency
manager and has established a market 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.
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