1 May 2020
Redde Northgate plc
update to stated post-offer intention statement
Redde Northgate plc announces that, further to the completion of
the merger of Redde Plc and Northgate Plc on 21 February 2020 (the “Merger”), certain
courses of action have been taken which differ from its statements
of intent made pursuant to Rule 2.7(c)(iv) and 24.2(a)(iii) of the
City Code on Takeovers and Mergers (the "Stated Intentions") which
were set out in its announcement of 29 November 2019 and the scheme
document published in connection with the Merger on 12 December
2020 (together, the "Offer Documentation").
This announcement is required under Rule 19.6(b) of the City
Code on Takeovers and Mergers.
The Stated Intentions included Redde Northgate's intention, as
at the date of the Offer Documentation, to make no material changes
to the employment conditions of employees of Redde plc.
In light of the COVID-19 pandemic Redde Northgate has taken
steps to furlough certain employees. This has included
employees who joined Redde Northgate from Redde at the completion
of the Merger. The current terms of such furlough
arrangements reflect the relevant guidelines issued by the UK
government. Redde Northgate is keeping such arrangements under
review. It intends them to be temporary and to end the furlough
arrangements when appropriate.
The contractual rights of Redde Northgate employees will
otherwise continue to be maintained.
For further information, contact:
David Rydell/Jamie Hooper/Tilly Abraham
+44 (0) 207 466 5000
Notes to Editors:
Redde Northgate plc is a leading integrated mobility solutions
platform formed in February 2020
following the all-share merger of light commercial hire business
Northgate plc and Redde plc, the provider of incident and accident
management, legal and other mobility-related services.
The Group provides mobility solutions and automotive services to
a wide range of businesses and customers spanning the vehicle life
cycle across vehicle supply, service, maintenance, repair,
recovery, accident and incident management and disposal through
sale or salvage.
With an extensive network and diversified fleet of over 110,000
owned vehicles and over 400,000 managed vehicles in more than 100
branches across the UK, Ireland
and Spain, the Group aims to
utilise its scale, reach and comprehensive suite of integrated
services to offer a market-leading customer proposition and drive
enhanced returns for shareholders.
Further information regarding Redde Northgate plc can be found
on the Company’s website: