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R8 Capital Investments PLC - London-based fintech with a bitcoin banking app - Plans to buy Redwood Financial Partners Ltd, the parent company of Redwood Bank Ltd, a specialist business bank. Payment terms have not been finalised, but expects consideration will be in excess of £50 million. This will be satisfied entirely by the issue of new R8 shares. Further, intends to carry out a fundraising to be contributed to the bank as tier 1 regulatory capital. Redwood Bank is a specialist business bank and was launched in 2017. R8 explains should the acquisition complete, it would constitute a reverse take over under listing rules and the company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange. As a result, requests suspension of the company’s listing from today.
Current stock price: 2.20 pence
12-month change: down 46%
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