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W&G Investments

  • BY: Andrew Hore |
  • POSTED: 20/08/2013 |

Cash shell W&G Investment joined Aim this morning and the shares were immediately suspended in anticipation of a document relating to the potential acquisition of Royal Bank of Scotland banking assets.

W&G raised 15m at 100p a share. W&G has already accrued expenses of 3.6m, including the 900,000 cost of the placing. This leaves 11.4m to finance due diligence for the deal and other costs up until the signing of an acquisition agreement assuming this happens.

The assets to be acquired have a net book value of 1.55bn and include 315 bank branches RBS branded in England and Wales and Nat West branded in Scotland plus small business and corporate customers. These assets would be run under the Williams & Glyn name if bought by W&G, which has a licence to use the W&G name until the acquisition or termination of the deal.

Executive director Shaun Doherty will be paid 2,500/day. The non-executives will not be paid. Doherty, chairman Andrew Higginson and non-executive director John Reed have all worked at Tesco Bank. Fellow non-executive John McGuire has four decades of experience in banking and financial services, including 20 years at RBS where he was responsible for part of the Williams & Glyn business.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2013_47.pdf

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