MFAI Mindflair Plc

TIDMRGO TIDMPIRI

RNS Number : 5969N

RiverFort Global Opportunities PLC

01 June 2022

1 June 2022

RiverFort Global Opportunities plc

("RGO" or the "Company")

Update on Pires Investments plc

The Board of RGO notes the announcement this morning by one of its investee companies, Pires Investments plc ("Pires"), with regard to a recommended all share offer being made for Pires by Tern plc.

Under the terms of the offer, holders of Pires shares will be entitled to receive 0.51613 new Tern shares for each Pires share held. Based on a closing price of 15.5 pence per Tern Share on 31 May 2022, the offer for Pires by Tern values:

-- each Pires share at 8.0 pence, a premium of 53.8 per cent. to Pires' closing share price of 5.2 pence on the 31 May 2022 and a 31.9 per cent. premium to the average closing share price of 6.1 pence per Pires Share for

the six months   ended 31 May 2022; 

-- the entire issued and to be issued share capital of Pires at approximately GBP14.9 million; and

-- the enlarged group at a combined market capitalisation of approximately GBP69.5 million (assuming completion of the acquisition).

RGO has 30,914,193 shares in Pires which, at the offer price, values RGO's shareholding in Pires at circa GBP2.5 million. RGO has also signed an irrevocable undertaking in connection with the offer relating to all the shares and warrants in Pires held by RGO.

Full announcement here: https://www.londonstockexchange.com/news-article/TERN/recommended-all-share-offer-for-pires-investments/15477355

Enquiries:

 
 RGO plc                               Tel: +44 (0) 20 3368 8978 
  Philip Haydn-Slater, Non-Executive 
  Chairman 
  Nicholas Lee, Director 
                                        Tel: +44 (0) 20 7628 3396 
  Nominated adviser 
  Roland Cornish/Felicity Geidt 
 Joint Broker                          Tel: +44 (0) 20 7562 3351 
  Peterhouse Capital Limited 
  Lucy Williams 
 Joint Broker                          Tel: +44 (0) 20 7186 9950 
  Shard Capital Partners LLP 
  Damon Heath 
 

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END

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June 01, 2022 08:00 ET (12:00 GMT)

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