Acquisition of FMG and issue of consideration shares

REDDE PLC - Acquisition of FMG and issue of consideration shares

PR Newswire

London, October 27

• News Release •

Redde plc

27 October 2015

Redde plc (‘Redde’)

Completion of acquisition of the FMG group of companies

Further to the announcement of 20 August 2015 that Redde had agreed to acquire the FMG group of companies, comprising FMG Group Holdings Limited (“FMG”) and its subsidiary companies and partnership interests (the “FMG Group”), Redde announces that the requisite permissions from The Financial Conduct Authority and the Solicitors Regulation Authority have now been received and that the acquisition of FMG has been completed today.

The consideration for the acquisition of all the shares and other vendor interests in the FMG Group comprised a number of elements, the effect of which was the payment at completion of approximately £41.0 million in cash and the issue by Redde of 3,048,220 ordinary 0.1p shares ("New Ordinary Shares") at a price of 164.03 pence per share. As of the close of business on the day before completion the FMG Group had bank cash balances of approximately £7.6 million.

The holders of the New Ordinary Shares have unconditionally and irrevocably waived their entitlement for any dividends with a record date during the 12 months following completion. The New Ordinary Shares will be subject to a 24 month lock in (subject to the customary exemptions) followed by an orderly market arrangement.

Application has been made to the London Stock Exchange for the admission to trading on AIM of the New Ordinary Shares, which is expected to occur on 2 November 2015 (“Admission”).

Following Admission, the Company will have 289,951,709 ordinary shares of 0.1p each in issue, each with voting rights, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules. No shares are held in treasury.

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Notes for Editors:

About Redde plc:

Founded in 1992 and working predominantly with insurance companies, insurance brokers and prestige motor dealerships, the Redde group of companies ("the Group") provides a range of accident management and legal services. The Group also deals directly with large national fleets providing incident management and mobility continuity and its activities also encompass a range of legal services designed to assist claimant parties in partnership with leading insurance companies, brokers and other bodies.

The Group is one of the market leaders in its fields of business; it delivers accident management solutions to motorists ensuring that they remain mobile until their own vehicles are repaired or until they are put in a position to obtain a replacement and it provides legal services to ensure they are properly compensated for their injuries and losses where appropriate.

The name Redde is associated, in Latin, with the concept of restoration.