TIDMANX
RNS Number : 0881J
Anexo Group PLC
18 August 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
18 August 2021
Anexo Group plc
("Anexo" or the "Company")
Statement regarding DBAY Advisors Limited
Trading Update
The Board of Anexo (AIM: ANX) notes today's announcement by DBAY
Advisors Limited ("DBAY") stating that, in accordance with Rule 2.8
of the City Code on Takeovers and Mergers (the "Code"), it does not
intend to make an offer for the Company. Accordingly, DBAY is now
subject to the restrictions under Rule 2.8 of the Code. The Board
is also pleased to provide a brief trading update following the
announcement on 9 June 2021.
As confirmed on 23 June 2021, the Board had granted DBAY due
diligence access with a view to making a possible offer for the
Company. While the structure of the possible offer was not
confirmed, it was also noted that the status of Alan Sellers,
Executive Chairman, and Samantha Moss, Managing Director Bond
Turner, as joint offerors to DBAY's possible offer was under
consideration.
Since that time, discussions with DBAY have not led to an offer
which, in the view of the Board, reflected the value of the
Company, and which the Board therefore would have felt able to
recommend to shareholders.
The Board confirms that the consideration of Alan Sellers and
Samantha Moss as joint offerors to DBAY's possible offer has now
ceased. Furthermore, the Board also confirms that this due
diligence access and all offer discussions have been terminated.
The Board can confirm that the Company is no longer in an offer
period.
This announcement has been made with the consent of DBAY.
Trading Update
Further to the announcement on 9 June 2021, t he Board is
pleased to announce that overall trading is slightly ahead of
management expectations.
Within the Group's Legal Services division, Bond Turner, monthly
cash collections have continued to exceed those seen in the similar
period last year. The Group expects this trend to continue as the
process of re-opening the courts gathers pace.
The Group continues to recruit high quality legal staff in line
with its policy of expanding its headcount to drive increased case
settlements and cash collection.
EDGE, the Group's Credit Hire division, has continued to see a
rise in average vehicle hire numbers following the lifting of the
national lockdown. In a pattern similar to the end of the first
lockdown in mid-2020, the number of vehicles on the road has
increased sharply, and vehicle numbers have once again reached
record levels, with a corresponding increase in further
opportunities for the Group. As always, the Group monitors vehicle
numbers carefully to maximise cash collections.
Alan Sellers, Executive Chairman, commented: "The Group's
activities continue to accelerate as UK lockdown measures ease,
especially with the imminent release of pent-up case settlements as
the UK Courts system begins to open. Cash collections remain
consistently high and, with road users increasing, the number of
vehicles on the road is reaching record levels."
"The Group's relationship with DBAY has been amicable throughout
our lengthy discussions and DBAY remains a supportive shareholder.
Saki Riffner remains a Non-Executive Director of the Group, and
along with the rest of the Board I look forward to working with
DBAY to continue to deliver value and growth for all our
shareholders."
Notice of Interim Results
The Group will announce its Interim Results for the six months
ended 30 June 2021 on 13 September 2021.
There will be a conference call for sell-side analysts at
09:30am on the day of results, which will be hosted by Alan Sellers
(Executive Chairman) and Mark Bringloe (CFO). Retail investors will
also be able to listen to the call but will not be eligible to ask
questions.
Please contact Nick Dashwood Brown, Head of Investor Relations,
at nick@anexo-group.com if you would like to receive the dial in
details .
An audio webcast of the conference call with analysts will be
made available on the Group's investor relations website (
www.anexo-group.com ) after 12pm on the day of results. A link will
be provided in the Interim Results statement.
- Ends -
For further enquiries:
Anexo Group plc
Alan Sellers, Executive Chairman +44 (0) 151 227
Mark Bringloe, Chief Financial Officer 3008
Nick Dashwood Brown, Head of Investor Relations www.anexo-group.com
Arden Partners plc
(Nominated Adviser and Joint Broker)
John Llewellyn-Lloyd/Richard Johnson/Louisa +44 (0) 20 7614
Waddell (Corporate Finance) 5900
Tim Dainton (Equity Sales) www.arden-partners.co.uk
Panmure Gordon
(Joint Broker)
Ed Walsh/Dominic Morley +44 (0)20 7 886
2500
www.panmure.com
Notes to Editors:
Anexo is a specialist integrated credit hire and legal services
provider. The Group has created a unique business model by
combining a direct capture Credit Hire business with a wholly owned
Legal Services firm. The integrated business targets the
impecunious not at fault motorist, referring to those who do not
have the financial means or access to a replacement vehicle.
Through its dedicated Credit Hire sales team and network of
1,100 plus active introducers around the UK, Anexo provides
customers with an end-to-end service including the provision of
Credit Hire vehicles, assistance with repair and recovery, and
claims management services. The Group's Legal Services division,
Bond Turner, provides the legal support to maximise the recovery of
costs through settlement or court action as well as the processing
of any associated personal injury claim.
The Group was admitted to trading on AIM in June 2018 with the
ticker ANX.
For additional information please visit: www.anexo-group.com
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END
STRBUGDIUSBDGBI
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