Tertre Rouge Assets PLC Acquisitions and Fundraising Update (0192Z)
January 09 2024 - 1:00AM
UK Regulatory
TIDMTRA
RNS Number : 0192Z
Tertre Rouge Assets PLC
09 January 2024
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
Tertre Rouge Assets PLC (the "Company" or "TRA")
Further update re. Acquisitions and Fundraising
Further to the Company's announcements on 27 July 2023 and 9
November 2023, TRA is pleased to provide an update regarding its
proposed acquisitions of certain classic cars, the entire issued
share capital of The Run To Group Limited (the "Target") and its
associated proposed equity fundraising to raise gross proceeds of
up to GBP50 million (the "Fundraising").
TRA has entered into a purchase agreement for a 1972 Lamborghini
Miura P400 SV for consideration of EUR3.25 million (approximately
GBP2.8 million). Consequently, there are now purchase agreements in
place on all six cars, which have an aggregate value of GBP32
million. In addition, the Company continues to progress the
documentation to acquire the entire issued share capital of the
Target. The Company is making good progress with securing the
approval of its prospectus with the Financial Conduct Authority and
does not expect any difficulty with satisfying eligibility
requirements and securing approval of its prospectus, subject to
the Fundraising being successful.
In light of this progress, the Company has commenced formal
marketing in connection with the Fundraising, which is being
administered by Oberon Capital. It is anticipated that this process
will be completed on or around 25 January. It is further
anticipated that the issue price for each new ordinary share in the
capital of the Company to be issued pursuant to the Fundraising
will be GBP1.05 and that the Directors of the Company will
subscribe for additional shares to an aggregate value of
approximately GBP1 million.
Contacts
Tertre Rouge Assets PLC T: +44 (0)7917 715533
Steven Schapera E: steven@tertrerougeassets.com
Non-Executive Chairman & Co-Founder
Oberon Capital T: +44 (0)20 3179 5300
Adam Pollock
Nick Lovering
Oberon Capital ("Oberon") is a trading name of Oberon
Investments Limited, which is authorised and regulated in the
United Kingdom by the FCA and is acting as broker for the Company
and for no one else in connection with the Fundraising. Oberon will
not regard any other person as its client in relation to the
Fundraising and will not be responsible to anyone other than the
Company for providing the regulatory protections afforded to its
clients, nor for providing advice in relation to the contents of
this announcement or any transaction, arrangement or other matter
referred to herein.
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END
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