Leasedirect in £9.1 million share deal

03/03/2010

 

Investec plc has announced the acquisition of 75 percent of lease and loan brokerage business, Leasedirect Finance Ltd (“LDF”). Application was made to the UK Listing Authority and the London Stock Exchange for an additional listing of 1,973,114 Investec plc Ordinary Shares of £0.0002 each to trade on the London Stock Exchange, and to be admitted to the Official List upon issuance. The shares would rank pari passu with the existing issued shares of Investec plc.

 The new additional shares were issued to the management of LDF in settlement of the consideration of £9,100,000 for the acquisition of 75 percent of their issued capital. Pursuant to the dual listed company structure, Investec plc has also applied to the Johannesburg Stock Exchange for the admission to trading of the new shares.

 LDF will maintain its existing relationships and continue as a brokerage sourcing quality transactions to its existing portfolio of lenders, as well as new lenders that enter the market. LDF specialises in a number of business sectors such as food manufacturing, retail, and waste recycling equipment, as well as holding a strong position in the medical, veterinary, optician, and dental markets. In addition to these, LDF will now look to market complimentary products offered by Investec that fit with their clients’ requirements.

The existing directors and management of LDF, headed up by Paul Buchanan, will continue with the business, and will be joined by appointees from Investec.

 

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