Response to Rule 2.8 statement by Frenkel Topping
FOR IMMEDIATE RELEASE
13 January 2021
NAHL Group plc
("NAHL", the "Company" or the "Group")
Response to Rule 2.8 announcement by Frenkel Topping Group plc
The board of directors of NAHL (the "Board") notes the announcement by Frenkel Topping Group plc ("Frenkel Topping") and confirms that shortly before this announcement was made, it received notification from Frenkel Topping that it did not intend to make an offer for NAHL.
Following extensive discussions, the Board has been unable to conclude a transaction that is in the best interests of NAHL shareholders.
Business update
Following the Group's trading update on 16 December 2020, the Board is pleased to confirm the Group ended the financial year in line with the Board's expectations.
The Group continues to deliver on its near-term strategic focus of producing positive cash flows and reducing net debt. Since the Group's last update, net debt has reduced by a further £0.8m to £16.3m at 31 December 2020 (31 December 2019: £21.0m). Furthermore, the Group is pleased to report free cash flow of £6.1m for the year, a significant improvement compared to the previous year (2019: cash outflow of £1.7m). This was achieved through placement optimisation, increased settlements from historical claims and improved cost savings.
The Group's two divisions, Consumer Legal Services and Critical Care, headed by their own autonomous management structures, have continued to deliver against their respective strategies through the potential offer process. The Board remains committed to creating value from the Group's portfolio and will continue to actively review its operations and strategy, led by the Chair, Tim Aspinall and CFO, James Saralis. The Board will make further announcements in due course.
For further information please contact:
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NAHL Group plc Tim Aspinall (Chair) James Saralis (CFO)
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via FTI Consulting Tel: +44 (0) 20 3727 1000 |
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Peel Hunt LLP (Nomad & Broker) Miles Cox Rishi Shah Michael Nicholson Ed Allsopp (NOMAD)
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Tel: +44 (0) 20 7418 8890 |
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FTI Consulting (Financial PR) Alex Beagley James Styles Sam Macpherson |
Tel: +44 (0) 20 3727 1000 |
Notes to Editors
NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal Services ("CLS") market. The Group provides services and products to individuals and businesses in the CLS market through its two divisions:
· Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and Homeward Legal; and claims processing and conveyancing services to individuals through Your Law, Law Together, National Accident Law and National Conveyancing Partners. In addition, it also provides property searches through Searches UK.
· Critical Care provides a range of specialist services in the catastrophic and serious injury market to both claimants and defendants through Bush & Co.
More information is available at www.nahlgroupplc.co.uk , www.national-accident-helpline.co.uk and www.bushco.co.uk .
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