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Key Points:
- The acquisition of InvestAcc Holdings marks a major step in the Company’s strategy to become the UK’s leading specialist pensions administration provider.
- InvestAcc has earned significant market recognition, winning major awards for its high-quality pension services.
- The Company’s shares have been re-admitted to trading with a new ticker symbol "INAC" following the acquisition.
InvestAcc Group Limited (LSE:INVP) is pleased to announce the successful completion of its acquisition of InvestAcc Holdings Limited, formerly known as InvestAcc Group Limited. This acquisition represents a significant milestone in the Company's ambition to establish itself as the UK's leading specialist in pension administration through a strategic buy-and-build approach.
New Chapter for InvestAcc Group
Mark Hodges, Executive Chairman of the Company, expressed his excitement regarding the acquisition, emphasizing the importance of this deal in advancing the Company’s goals. "We are delighted to reach this important milestone, marking the start of a new chapter for the Company as InvestAcc Group," said Hodges. "This is a key step in delivering on our ambition to build the UK's leading specialist pensions administration business through our buy-and-build strategy." The acquisition of InvestAcc will enhance the Company’s market position and reinforce its commitment to delivering exceptional pension administration services across the UK.
InvestAcc’s Strong Market Reputation
InvestAcc has built a solid reputation in the market, particularly for its high-quality services in Self-Invested Personal Pensions (SIPPs). The board of directors of the Company proudly acknowledged InvestAcc’s outstanding performance at the ILP Moneyfacts Awards 2024. InvestAcc won the prestigious Moneyfacts Best SIPP Provider award for the fifth time, and it was also recognized as the Best Pension Service Provider for the fifth consecutive year. In addition, the company received a "Highly Commended" award in the category of Service Beyond the Call of Duty, underscoring the exceptional service quality that has become synonymous with the InvestAcc brand.
These achievements reflect InvestAcc's dedication to providing top-tier pension services, which align with the Company’s strategic focus on delivering superior customer service and operational excellence. The awards provide a strong foundation for future growth as the Company seeks to further execute its buy-and-build strategy within the pension administration sector.
Issuance of Consideration Shares and Re-Admission of Ordinary Shares
As part of the acquisition deal, the Company issued 6,150,911 new Ordinary Shares, referred to as "Consideration Shares," to Nick Gardner, the founder of InvestAcc, through a loan note exchange mechanism. This issuance gives Gardner an economic interest of 12.6% in the Company’s enlarged issued share capital. These newly issued shares, along with the Company's existing shares, were re-admitted to trading on the Main Market at 8:00 a.m. on the morning of October 9, 2024, following the terms outlined in the acquisition agreement.
The re-admission of shares confirms the Company's updated share capital, which now consists of 48,850,911 Ordinary Shares, each carrying one vote. With no shares held in treasury and one sponsor share that does not carry voting rights, shareholders are now operating with a total voting right count of 48,850,911. This figure will be used for any shareholder notifications regarding changes in ownership or interests, as stipulated by the Financial Conduct Authority (FCA)’s Disclosure Guidance and Transparency Rules.
Company Name Change and New Ticker Symbol
In line with its growth strategy and rebranding efforts, the Company has officially changed its name to InvestAcc Group Limited. This name change, already registered with the British Virgin Islands Registrar of Corporate Affairs, will be reflected in the systems operated by the London Stock Exchange and the FCA by October 10, 2024. Additionally, the Company has updated its ticker symbol to "INAC," effective from 8:00 a.m. on October 9, 2024.
