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.
15 July 2024
Tertre
Rouge Assets PLC ("TRA" or the "Company")
Termination of Proposed
Acquisition and
Notice of Intention to Delist
from the London Stock Exchange
TRA, the special purpose acquisition
company formed with the intention to acquire assets and/or
businesses that are in or otherwise focused on or ancillary to the
collectible automobile sector, announces that the non-binding heads
of terms to acquire the issued share capital of The Run To Group
Limited ("Run To") and the several conditional purchase agreements
to acquire the Car Assets referred to in the announcements of 27
July 2023, 9 November 2023 and 9 January 2024 (collectively, the
"Proposed Acquisition") have been terminated by mutual agreement of
all relevant parties. The reason for the termination of the
Proposed Acquisition was that the required funding was not
available given the ongoing market conditions.
Over the past several months, the
Directors have held numerous meetings with potential investors.
Whilst the initial feedback regarding the Proposed Acquisition was
positive, the common theme of these meetings was the continuing
tough conditions faced by the UK's capital markets and the
difficulty faced by pre-revenue issuers attempting to raise
capital.
Voluntary Delisting
The Directors have since undertaken
a strategic review of the business, given the feedback received to
date from potential investors and the continuing difficult market
conditions. Following this review, the Directors have concluded
that it is in the best interests of shareholders
to take the necessary steps to cancel the
Company's listing and admission to trading to reduce costs and the
administrative burden of the public
listing, since at this time the listing does not generate
sufficient benefit to the Company.
The Company has applied to
the Financial Conduct Authority ("FCA") and the London Stock
Exchange to effect a cancellation of the listing of
its ordinary shares from the standard
listing segment of the FCA's Official List and from trading on the
Main Market of the London Stock Exchange ("Delisting"). It is
anticipated that, in accordance with Listing Rule 5.2.8R, the
Delisting will be effective at 8:00 a.m. on 13 August 2024.
Following the Delisting, the Company will no longer be subject to
the regulatory and statutory regime which applies to companies
admitted to the standard segment of the Official List and traded on
the Main Market.
The securities to which the
Delisting relates are the ordinary shares of £0.04 each in the
share capital of the Company with the ISIN GB00BNHN6S26 (the
"Shares"). Following the Delisting, it will no longer be possible
to trade the Shares on the London Stock Exchange.
However, following the Delisting, holders of
Shares will continue to be entitled to transfer such Shares in
accordance with the requirements of the Company's articles of
association.
The Delisting will allow the Company
to save costs, reduce its administrative and regulatory burden, and
provide it with flexibility to pursue other options.
Steven Schapera, non-Executive
Chairman and Co-Founder of TRA, said:
"We are disappointed that we have
not been able to complete the Proposed Acquisition, and the Board
has determined that termination of these discussions is in the best
interests of our shareholders. Unfortunately, despite our best
efforts, we could not raise the necessary funds in what continues
to be a difficult market environment. Whilst we appreciate this
will come as a disappointment to our shareholders, it is in their
best interests that we delist TRA whilst we explore alternative
options."
Enquiries
For further information, please
visit www.tertrerougeassets.com or
contact:
Tertre Rouge Assets PLC
Steven Schapera
Non-Executive Chairman and
Co-Founder
T: +44 (0)7917 715533
Email: steven@tertrerougeassets.com
