Tertre Rouge Assets PLC Acquisitions and Fundraising Update (0192Z)

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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January 09, 2024 02:00 ET (07:00 GMT)

Tertre Rouge Assets (LSE:TRA)
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