Business Update

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 £80,000 in the ordinary share capital of Trade Record Ltd ("Trade Record"), following the Company's initial subscription of £40,000 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 £120,000 has been satisfied through Record's existing cash resources, and the gross assets of Trade Record at the date of investment are £258,677.  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: [phone]

James Wood-Collins, Chief Executive Officer

Steve Cullen, Chief Finance Officer

MHP                                                                                        Tel: [phone]

Andrew Fleming                                                                                [e-mail]

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.

 

END

 

 

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