R8 Capital Investments PLC on Friday said it expects its acquisition of Redwood Financial Partners Ltd to be sealed around the start of July.
The longer timeframe is due to ‘certain financial and reporting workstreams’ which need to be completed. Among those is an IFRS conversion exercise for RFPL unit Redwood Bank Ltd, a specialist business bank.
‘There can be no certainty that the transaction will complete and it remains subject to, amongst other things, formal terms being agreed and the completion of legal and financial due diligence and regulatory approvals,’ R8 said.
R8 announced plans to acquire RFPL in October. Payment terms were not finalised at the time, though it said it expected to fork out in excess of £50 million, which would satisfied through the issue of new shares.
The deal would constitute a reverse takeover, so R8 shares have been suspended.
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