Record PLC Business Update (4133Y)
08 Mai 2019 - 4:21PM
UK Regulatory
TIDMREC
RNS Number : 4133Y
Record PLC
08 May 2019
8 MAY 2019
RECORD PLC
BUSINESS UPDATE
Record plc ("Record" or "the Company") announces today that it
has invested GBP80,000 in the ordinary share capital of Trade
Record Ltd ("Trade Record"), following the Company's initial
subscription of GBP40,000 as announced on 22 March 2019. The
investment retains Record's overall percentage holding in Trade
Record at 40 per cent. of the ordinary share capital, and is made
in accordance with the terms contained in the shareholders'
agreement. Trade Record's other shareholders are Leslie Hill and
Bob Noyen, both of whom are directors of Record, and Rebecca Venis,
director of Trade Record and an existing employee of the
Company.
Trade Record is a newly-formed company established to offer
pay-to-enter competitions in which subscribers trade virtual money
across asset classes, and the best realised trade performance
determines a cash prize winner. Record is optimistic that its
investment in Trade Record will allow Record to benefit from its
associated branding including in recruitment, as well as offering
the opportunity to create shareholder value in a business that
offers significant diversification from Record's existing
business.
The Company's aggregate investment of GBP120,000 has been
satisfied through Record's existing cash resources, and the gross
assets of Trade Record at the date of investment are GBP258,677. As
a newly-formed company, Trade Record has generated no profits.
Ms Hill, Mr Noyen 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 financial results for the year ended 31
March 2019 on 13 June 2019.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
James Wood-Collins, Chief Executive Officer
Steve Cullen, Chief Finance Officer
MHP Tel: +44 (0) 20 3128 8100
Andrew Fleming record@mhpc.com
Ollie Hoare
Robert Collett-Creedy
Notes to Editors
Record plc
Record is a specialist currency manager and provider of currency
hedging services for institutional clients. Founded in 1983, Record
has established a market leading position as a currency manager.
Specifically, the Group has a 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 3(rd) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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