Business
Acquisition of Orchard Bond Finance PLC
Acquisition of Orchard Bond Finance PLC.
About this update from Orchard Funding Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 2439U\n Orchard Funding Group PLC\n 02 December 2021\n \n \n \n \n \n \n \n 2nd December 2021\n \n \n \n \n \n Orchard Funding Group PLC\n \n \n Acqusition of Orchard Bond Finance PLC\n \n \n Orchard Funding Group PLC (\"Orchard\", the \"Group\" or \"Company\"), the finance group which specialises in insurance premium finance and the professions funding market, announces that it has acquired Orchard Bond Finance PLC (\"Orchard Bond Finance\") (the \"Acquisition\"). \n \n \n Orchard Bond Finance is a dormant shell company which was acquired for nominal consideration from the Group's CEO and Orchard Bond Finance's sole shareholder, Ravi Takhar. The Acquisition does not constitute a related party transaction pursuant to AIM Rule 13.\n \n \n Orchard intends to utilise Orchard Bond Finance as a vehicle to raise liquidity for the Group through a potential listed bond issue in 2022 (the \"Bond Issue\"). Should the Board resolve to proceed with the Bond Issue, it is proposed that the bonds would have a five year life, pay a target annual coupon of circa 6 per cent. and be partially guaranteed by the Company to up a value of 10 per cent. of the principal value of the bonds. Subject to completion of the Bond Issue, the Group intend to apply for the bonds to be admitted to the FCA's Official List and admitted to trading on the London Stock Exchange's Order Book for Fixed Income Securities market. \n \n \n The timing and launch of the proposed Bond Issue will be subject, amongst other factors, to prevailing market conditions. Further updates will be made in due course. \n \n \n For further information, please contact:\n \n \n \n Orchard Funding Group PLC\n \n +44 (0)1582 346 248\n \n \n Ravi Takhar, Chief Executive Officer\n \n \n \n Liberum (Nomad and Broker) \n \n +44 (0)20 3100 2222\n \n \n Neil Patel\n \n \n Lauren Kettle\n \n \n \n \n \n For Investor Relations please go to: \n \n www.orchardfundinggroupplc.com\n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Con...