Following the Renovo Board’s decision to end the clinical trials of Prevascar in April 2012, it focused on its merger and acquisition plans and share buy back programme to enhance shareholder value. In December 2012, the Renovo Board was presented with the opportunity to participate in the £2.6 million firm and conditional placing in Ultimate Finance Group plc ("UFG"), in which Renovo invested £1.7 million equating to 12.3 per cent. of UFG’s issued ordinary share capital immediately following that placing. The Renovo Board considered the investment in UFG to conform with its current strategy of maximising value for its shareholders. Renovo sought to take advantage of an investment which it believed provided its shareholders with a valuable and beneficial opportunity in light of UFG’s aim to become a leading force in SME financial services.
Acquistion of Ultimate Finance Group plc
The directors are pleased that on 10 September 2013 a regulatory announcement was made to the Market announcing the successful completion of the transaction. For further information and to view the documents relating to the successful offer, please follow this link.
The acquisition of UFG is the first step in implementing Renovo’s strategy, which will provide an SME loan book of approximately £40 million and over 850 customers. The Renovo Board will support UFG in its growth plans by providing the security of a principally cash backed balance sheet and continuing to innovate the business model through a more technology focused platform. In addition the Renovo Board will continue to evaluate further acquisitions and alternative routes to access funding for SMEs at commercial rates which are accretive to the strategy.
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An indexed pdf version of our 2013 Annual Report is now available in our Investors' section. Interim announcements and Corporate Presentations can be found in the News tabs at the bottom of this page.
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