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.
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