LONDON--W&G Investments PLC (WGI.LN), which has been formed
for to buy certain retail and corporate banking assets and
liabilities currently held by the Royal Bank of Scotland PLC
(RBS.LN), said Tuesday its Ordinary shares have started trading on
the London Stock Exchange's junior AIM market, and immediately been
suspended pending an announcement and publication of an admission
document.
MAIN FACTS:
-Shares suspended as any acquisition of the RBoS assets would
constitute a reverse takeover under the AIM Rules.
-Assets and liabilities subject to the potential acquisition,
commonly known as the "Rainbow Assets", remain to be agreed between
the Company and RBoS but are currently anticipated by RBoS to have
a net tangible book value of 1.55 billion pounds at completion.
-If the Company does not acquire the Rainbow Assets for any
reason, the Company intends to return any remaining net cash to
shareholders by the most efficient route, seek the cancellation of
the shares from AIM and apply for a voluntary members'
liquidation.
-W&G directors have been in non-exclusive discussions with
RBoS, which are still ongoing, in relation to the potential
acquisition since early 2013.
-Company has previously made a non-binding proposal, subject to
the satisfaction of a number of conditions, in relation to the
potential acquisition.
-Company started an initial period of due diligence on the
Rainbow Assets on a competitive, non-exclusive, basis in June
2013.
-W&G Investments placed 15 million new ordinary shares with
a group of predominantly U.K. institutional investors, at 100 pence
per share, implying a market capitalization on Admission of GBP15
million.
-Nominated adviser, financial adviser and joint bookrunner is
Canaccord Genuity Ltd., with Baden Hill acting as joint
bookrunner.
-Write to Ian Walker at ian.walker@wsj.com
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