Liberum acted as Financial Adviser to Appreciate Group PLC on the £83 million recommended offer by PayPoint PLC
We are pleased to announce that Liberum has acted as lead Financial Adviser to Appreciate Group PLC, the UK’s leading multi-retailer redemption product provider to corporate and consumer markets, on its acquisition by PayPoint PLC by way of a recommended cash and share offer.
Appreciate Group has a well-established technology platform, more than 400,000 customers, a network of popular brand partners and significant headroom for growth across the UK consumer and corporate gifting, prepayment reward and incentivisation markets. The acquisition of Appreciate Group provides PayPoint with a complementary business with well-established go-to-market offers in the gift card and voucher sector, enabling PayPoint to expand its reach, strengthen its proposition and open up growth, whilst also delivering attractive returns for shareholders.
The acquisition valued each Appreciate Group share at 44p and the share capital of Appreciate Group at £83 million on a fully diluted basis. This represented a highly attractive premium of approximately 63.8 per cent. to the volume weighted average price of 26.9p per Appreciate Group share for the three-month period prior to announcement of the offer.
Liberum provided strategic, commercial, tactical, negotiating and regulatory advice to the Board of Appreciate Group in connection with PayPoint’s approach, including in relation to the fair valuation of the company, and the terms of the offer.
Investment Banking – Richard Crawley, Mark Harrison, Jamie Richards, Ben Cryer, Nikhil Varghese