2nd Oct 2023 18:13
R8 Capital Investments PLC - London-based fintech with a bitcoin banking app - Plans to buy Redwood Financial Partners Ltd, the parent company of Redwood Bank Ltd, a specialist business bank. Payment terms have not been finalised, but expects consideration will be in excess of GBP50 million. This will be satisfied entirely by the issue of new R8 shares. Further, intends to carry out a fundraising to be contributed to the bank as tier 1 regulatory capital. Redwood Bank is a specialist business bank and was launched in 2017. R8 explains should the acquisition complete, it would constitute a reverse take over under listing rules and the company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange. As a result, requests suspension of the company's listing from today.
Current stock price: 2.20 pence
12-month change: down 46%
By Jeremy Cutler, Alliance News reporter
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