Asset Backed Finance Acquisition
The acquisition remains subject to regulatory approval and completion is therefore expected to take place early in the second quarter of 2017.
RAF is a provider of finance for a range of specialist assets which includes vintage and expensive cars and SME business assets. On
Consideration will be paid in four staged amounts, all of which will be in cash. The first amount will be paid at completion and will equal the net assets of RAF at that time. The remaining amounts will be made annually based on the profitability of the business in each of the following three years. The maximum amount payable for the performance based payments is limited to no more than
Both consideration and the refinancing of RAF's funding liabilities (approximately
The unaudited accounts of RAF for the twelve months ended
Commenting on the transaction
"Following the transformational deals completed by ABG earlier this year, I am delighted that
Enquiries:
Sir Henry Angest, Chairman and Chief Executive
James Cobb, Group Finance Director
Robin Mann
Gareth Hunt
Stewart Wallace
Chris Wilkinson
Andrew Holloway
Bell Pottinger (Financial PR) 0203 772 2563
Ben Woodford
This information is provided by RNS