Redde announces merger with Northgate - we don’t get it
The support services provider to the insurance industry appeared to have been making considerable progress through an expanding legals services offering but has bizarrely now concluded a tie-up with a pan-european van hire business
Founded in 1992 and formerly called Helphire PLC, Redde (AIM:REDD) works predominantly with insurance companies, insurance brokers, prestige motor dealerships, and large national fleet owners providing a range of accident management, incident management and legal services. Proposed meger with Northgate Redde has agreed a share-for-share merger with Northgate (NTG), the van hire group listed on the main market. The merger will be implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act, with the entire issued share capital of Redde being acquired by Northgate. The scheme is expected to be effective during the first…