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Charter Court Financial Services Group plc - Offer Price set at 230p per Share

29 September 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA.

This announcement is an advertisement and not a prospectus. Investors should not subscribe for or purchase any shares referred to in this announcement except on the basis of information in the prospectus (the “Prospectus”) to be published by Charter Court Financial Services Group plc (“Charter Court” or the “Company” and, together with its subsidiaries, the “Group”) in due course in connection with the global offer of its ordinary shares (the “Shares”) and the proposed admission of its Shares to the premium listing segment of the Official List of the UK Listing Authority (“Official List”) and to trading on the main market for listed securities (the “Main Market”) of London Stock Exchange plc (the “London Stock Exchange” together, “Admission”). Copies of the Prospectus will, following publication, be available for inspection from the Company's registered office: 2 Charter Court, Broadlands, Wolverhampton WV10 6TD and on the Company’s website at http://www.chartercourtfs.co.uk.

Charter Court today announces that the offer price for Shares (“Shares”) sold in its initial public offering (the “Global Offer”) has been set at 230p per Share.

  • The implied market capitalisation of Charter Court at the commencement of conditional dealing will be approximately £550 million.
  • The Global Offer comprises 86,956,515 existing Shares and 8,695,652 newly issued Shares representing approximately 40 per cent of Charter Court’s total share capital on Admission, valuing the Global Offer at £220 million. The Company will receive approximately £20 million of gross proceeds from the Global Offer.
  • In addition, an over-allotment option over up to 14,347,825 Shares, representing up to 15 per cent of the Global Offer size, has been granted by Elliott International L.P. and Elliott Associates L.P. (the “Major Shareholders”).
  • At Admission, the Company will have 239,130,419 shares in issue.
  • Various funds managed by Old Mutual Global Investors (UK) Limited (“Old Mutual”) have in aggregate agreed to acquire 43,500,000 Shares under the Global Offer with a value of approximately £100 million at the Offer Price, representing 18.2 percent of Charter Court’s total share capital on Admission.
  • Assuming no exercise of the over-allotment option, the Major Shareholders will hold 53.9 percent of Charter Court’s total share capital on Admission.
  • Conditional dealings in the Shares on the London Stock Exchange will commence at 8am today under the ticker CCFS (ISIN: GB00BD822578; SEDOL BD82257).
  • Admission to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange and the commencement of unconditional dealings in the Shares are expected to take place at 8.00 am on 4 October 2017.
  • Barclays Bank PLC, acting through its investment bank (“Barclays”) is Sponsor in connection with the Global Offer and Barclays and RBC Europe Limited (“RBC Capital Markets”) are Joint Global Coordinators and, together with Keefe, Bruyette & Woods (acting through Stifel Nicolaus Europe Limited) (“Keefe, Bruyette & Woods”), are Joint Bookrunners. Peel Hunt LLP (“Peel Hunt”) is Manager (Barclays, RBC Capital Markets, Keefe, Bruyette & Woods and Peel Hunt, together the “Banks”).

Ian Lonergan, CEO of Charter Court Financial Services, said:

"Today’s announcement reflects the high level of investor interest shown in our IPO and is a clear endorsement of Charter Court’s business, track record, strategy and prospects. I welcome all of our new shareholders and look forward to sharing with them the next exciting stage of our development as we seek to take advantage of the further opportunities we see in our specialist mortgage markets and drive sustainable growth and attractive risk adjusted returns."

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