Thu, 16 Jan 2020 | MERGER
The proposed merger of listed companies Northgate and Redde has been approved by the two companies’ respective shareholders. The proposed merger was first mooted in November 2019.
Northgate is a hire business for light commercial vehicles, operating in the UK, Ireland and Spain. UK-based Redde provides accident and incident management and legal services for motorists.
The resolutions regarding the merger were put forward at the two companies’ general meetings. Shareholders agreed to back a name change, the adoption of the Northgate Value Creation Plan, as well as an amended directors’ remuneration policy.
Once completed, the merger will see the incorporation of a new entity: Redde Northgate. The Redde Northgate board will include non-executive directors from both firms.
John Davies, interim non-executive chairman of Redde, said: "Redde's board is pleased that shareholders of both Redde and Northgate today approved the proposed merger of the two companies.”
"Completion of the proposed merger remains subject to regulatory approvals and a final court hearing but is still expected to take place in the first quarter of 2020."
For the year ending June 2019, Northgate generated £589.7 million in revenue, with earnings before interest and £49.6 million.
Charles Harman, James Robinson and Wendy Hohmann of JP Morgan acted as financial advisers to Redde. Giles Balleny and Nick Wells of Cenkos Securities acted as Redde’s nominated advisor and joint broker.
Operates a comprehensive fleet of vehicles, including single and double-decker coaches, midi-coaches and minibuses. Strong team of qualified and experienced employees. Operates from leasehold premises. Retirement sale. Offers invited.
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Designs, installs and commissions a wide range of electrical services for clients throughout the UK. Utilises the latest technologies to deliver sustainable and BREEAM rated solutions.
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Specialises in the fabrication and development of new and existing drainage products. Offers the following products: solid top covers, recessed paviors, recessed trays, headwall and trash screens, grates and ladders.
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