CIP Merchant Capital Ltd Investment in Vertu Motors plc & Notice of Results (3325X)
04 Maggio 2021 - 8:00AM
UK Regulatory
TIDMCIP TIDMVTU TIDMPHD
RNS Number : 3325X
CIP Merchant Capital Ltd
04 May 2021
4 May 2021
CIP MERCHANT CAPITAL LIMITED
("CIP" or the "Company")
Investment in Vertu Motors plc and Notice of Results
CIP is pleased to announce its investment in Vertu Motors plc
(AIM:VTU) ("Vertu"), the new and used car dealership operating in
the UK, quoted on AIM. The Company has acquired, in aggregate,
1,549,924 ordinary shares of 10p each in Vertu, representing
approximately 0.42 per cent. of Vertu's issued share capital, for a
total consideration of approximately GBP625,553.
For its financial year ended 29 February 2020, Vertu achieved
revenue of GBP3.1 billion, a gross profit of GBP334.1 million, an
operating profit of GBP16.5 million and a net profit attributable
to its equity holders of GBP3.0 million. For the six months to 31
August 2020, Vertu achieved revenue of GBP1.1 billion, a gross
profit of GBP129.5 million, an operating profit of GBP9.6 million
and a net profit attributable to its equity holders of GBP2.5
million, and as at 31 August 2020, Vertu had cash and cash
equivalents of GBP103.0 million and net assets of GBP265.8 million.
Currently, Vertu has a market capitalisation of approximately
GBP169.5 million.
The CIP Board notes the rapid development of enhanced
omni-channel functionality in the selling of vehicles to private
customers implemented by Vertu, which is at the forefront of the
sector. The CIP Board believes that this transformation of its
business model puts Vertu in a strong position to benefit from the
UK economy's recovery phase. For this reason, whilst it is noted
that Vertu operates outside of the core target investment sectors
stated within the Company's investing policy, Vertu nevertheless
meets a number of the Company's other key investment criteria in
line with its investing policy and in the CIP Board's view
represents a strong opportunity to create shareholder value in line
with its strategic objectives.
Recommended Acquisition of Proactis Holdings plc
CIP also notes the announcement released on 30 April 2021 by
Pollen Street Capital Limited in relation to a recommended
acquisition by Cafe Bidco Limited for the entire issued and to be
issued share capital of the Proactis Holdings plc ("Proactis") at a
price of 75 pence per ordinary share in Proactis ("Offered Price").
As CIP holds 2,825,000 ordinary shares in Proactis at an average
cost of 32.82p per share, the Offered Price represents a potential
GBP1.25m profit, or a 128% return on capital.
Notice of Results
The Company notes that it expects to publish its final results
for the year to 31 December 2020 by the end of May 2021.
For further information, please contact :
Merchant Capital Manager Limited (Investment Manager)
Wikus Van Schalkwyk +44 1481 749363
Strand Hanson Limited (Nominated Adviser and Broker)
James Bellman / Matthew Chandler / Ritchie Balmer +44 20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European (Withdrawal)
Act 2018.
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END
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