Record plc ("Record" or "the Company") announces today that it has disposed of its 40% shareholding in the ordinary share capital of Trade Record Ltd ("Trade Record"). Proceeds of the disposal amount to
In accordance with the terms contained in the Trade Record shareholders' agreement, Record's shares were offered to the remaining Trade Record shareholders in proportion to their existing holdings, being Leslie Hill and Bob Noyen, both of whom are directors of Record, and Rebecca Venis, a director of Trade Record and an employee of a subsidiary of the Company. The Company has agreed to sell its 40% shareholding in equal proportions to Leslie Hill and Rebecca Venis.
Trade Record was established in March 2019 to offer pay-to-enter competitions in which subscribers trade virtual money across asset classes, with the best realised trade performance determining a cash prize winner. Whilst initially aimed at activities within the investment and financial arena, Trade Record now plans to focus on a broader scope of sectors including gaming and sporting events to evolve the business. In light of this change in direction, the Company's board (other than Leslie Hill and Bob Noyen) has decided that it is in the best interests of Record's shareholders to divest of the Company's shareholding in Trade Record in order to focus on the current opportunities available to build its core business.
The Company's aggregate investment of
Ms Hill and Ms Venis are deemed to be related parties of the Company, and the above transaction is therefore classified as a smaller related party transaction as defined in LR 11.1.10 R.
Record will announce its third quarter trading update on 22 January 2021.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Leslie Hill, Chief Executive Officer
Steve Cullen, Chief Finance Officer
Buchanan Tel: +44 (0) 20 7466 5000
Giles Stewart email@example.com
Notes to Editors
Founded in 1983, Record is an independent, specialist currency manager and has established a market leading position in managing Currency Hedging and Currency for Return for institutional clients.
The Group has four principal reporting lines:
- Dynamic Hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain;
- Passive Hedging, where Record seeks to eliminate fully or partially the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies;
- Currency for Return, in which Record enters into currency contracts for clients with the objective of generating positive returns; and
- Multi-Product, where the client mandate includes combined hedging and return-seeking objectives.
Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.
This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.
These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.
The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.
The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.