DWF Group PLC DWF completes acquisition of RCD (7034X)
21 December 2019 - 12:47AM
UK Regulatory
TIDMDWF
RNS Number : 7034X
DWF Group PLC
20 December 2019
DWF Group plc
("DWF", the "Group" or the "Company")
DWF completes acquisition of RCD to establish a major presence
in Spain
20 December 2019
DWF, the global legal business providing Complex, Managed and
Connected Services, announces that it has now completed the
acquisition of Rousaud Costas Duran ("RCD"), a leading independent
Spanish law firm. This follows an announcement on 11 December 2019
that DWF had reached a definitive agreement to acquire RCD, subject
to the satisfaction of certain pre-conditions.
Now that the pre-conditions have been met, DWF has acquired full
ownership of RCD from its equity partners for an Initial
Consideration of EUR35.0m (GBP29.4m), of which EUR7.4m (GBP6.2m)
was satisfied in cash and EUR27.6m (GBP23.2m) was satisfied by the
issue of 19,525,927 new ordinary shares in DWF (the "Consideration
Shares"). As agreed by the parties, 1,966,172 of the Consideration
Shares have been issued to DWF's Employee Benefit Trust for the
purpose of remunerating and incentivising employees of RCD.
The maximum potentially payable to the RCD sellers, including
potential Contingent Consideration and Deferred Consideration if
certain conditions are met, is EUR50.5m (GBP42.5m).
Application has been made for the Consideration Shares to be
admitted to listing on the premium segment of the Official List and
to trading on the Main Market of the London Stock Exchange at 8.00
a.m. on Monday 23 December 2019.
Following the issue of the Consideration Shares, the Company's
issued share capital consists of 319,525,927 ordinary shares with
voting rights. There are no ordinary shares held in treasury. This
figure may be used by shareholders (and others with notification
obligations) as the denominator for the calculation by which they
will determine if they are required to notify their interest in, or
a change to their interest in, DWF under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
For further information:
DWF Group plc
Andrew Leaitherland
Chris Stefani
James Igoe +44(0)20 7280 8929
Finsbury
Ed Simpkins
Charles O'Brien +44(0)20 7251 3801
Stifel
Stewart Wallace
Tom Marsh +44 (0)20 7710 7600
Jefferies
Max Jones
William Brown +44 (0)20 7548 4576
Zeus
Dominic King
Dan Bate +44 (0) 20 3829 5607
Notes to Editors
About DWF
DWF is a global legal business providing Complex, Managed and
Connected Services, operating from 28 key locations with
approximately 3,200 people. The Company became the first Main
Market Premium Listed legal business on the London Stock Exchange
in March 2019. DWF recorded revenue of GBP272.4 million in the year
ended 30 April 2019. For more information visit: www.dwf.law
About RCD
Founded in 2003, RCD is a leading provider of comprehensive
legal advice and has over 20 legal and sectoral areas of expertise.
With a team of over 400 professionals led by 40 partners, it ranks
among the top Spanish law firms. RCD has been recognized for the
past four years for its innovative capacity in the European ranking
Financial Times FT - Innovative Lawyers. The firm has offices in
Madrid, Barcelona and Valencia. For more information visit:
www.rcd.legal
Forward-looking statements
This announcement contains certain forward-looking statements
with respect to RCD's and the Group's current targets, expectations
and projections about future performance, anticipated events or
trends and other matters that are not historical facts. These
forward-looking statements, which sometimes use words such as
"aim", "anticipate", "believe", "intend", "plan" "estimate",
"expect" and words of similar meaning, include all matters that are
not historical facts and reflect the directors' beliefs and
expectations and involve a number of risks, uncertainties and
assumptions that could cause actual results and performance to
differ materially from any expected future results or performance
expressed or implied by the forward-looking statement. The Company
does not assume any obligation to update or correct information
contained in this announcement (whether as a result of new
information, future events or otherwise), except as required by
applicable law.
Other notices
Certain figures included in this announcement, including
financial information, have been subjected to rounding adjustments.
Accordingly, in certain instances, the sum or percentage change of
the numbers contained in this announcement may not conform exactly
with the total figure given.
All references to times in this announcement are to London time
unless otherwise stated.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQXBLFLKLFZFBE
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