Redde Northgate Plc - Rule 19.6(b) update

PR Newswire

1 May 2020

Redde Northgate plc
("Redde Northgate")

Rule 19.6(b) update to stated post-offer intention statement

Redde Northgate plc announces that, further to the completion of the merger of Redde Plc and Northgate Plc on 21 February 2020 (the  “Merger”), certain courses of action have been taken which differ from its statements of intent made pursuant to Rule 2.7(c)(iv) and 24.2(a)(iii) of the City Code on Takeovers and Mergers (the "Stated Intentions") which were set out in its announcement of 29 November 2019 and the scheme document published in connection with the Merger on 12 December 2020 (together, the "Offer Documentation").

This announcement is required under Rule 19.6(b) of the City Code on Takeovers and Mergers.

The Stated Intentions included Redde Northgate´s intention, as at the date of the Offer Documentation, to make no material changes to the employment conditions of employees of Redde plc.

In light of the COVID-19 pandemic Redde Northgate has taken steps to furlough certain employees.  This has included employees who joined Redde Northgate from Redde at the completion of the Merger.  The current terms of such furlough arrangements reflect the relevant guidelines issued by the UK government. Redde Northgate is keeping such arrangements under review. It intends them to be temporary and to end the furlough arrangements when appropriate.

The contractual rights of Redde Northgate employees will otherwise continue to be maintained.
 

-Ends-

For further information, contact:

Buchanan                                                                                 
David Rydell/Jamie Hooper/Tilly Abraham          44 (0) 207 466 5000

Notes to Editors:

Redde Northgate plc is a leading integrated mobility solutions platform formed in February 2020 following the all-share merger of light commercial hire business Northgate plc and Redde plc, the provider of incident and accident management, legal and other mobility-related services.

The Group provides mobility solutions and automotive services to a wide range of businesses and customers spanning the vehicle life cycle across vehicle supply, service, maintenance, repair, recovery, accident and incident management and disposal through sale or salvage.

With an extensive network and diversified fleet of over 110,000 owned vehicles and over 400,000 managed vehicles in more than 100 branches across the UK, Ireland and Spain, the Group aims to utilise its scale, reach and comprehensive suite of integrated services to offer a market-leading customer proposition and drive enhanced returns for shareholders.

Further information regarding Redde Northgate plc can be found on the Company’s website:

www.reddenorthgate.co.uk