Hardman & Co Research 
Hardman & Co Research: Arbuthnot Banking Group (ARBB): Acquisition of Asset 
Alliance 
 
11-Dec-2020 / 07:15 GMT/BST 
 
       Hardman & Co Research: Acquisition of Asset Alliance 
 
  We have long argued that ABG's strong funding and capital position give it a 
        competitive advantage in doing cheap deals in uncertain markets. On 10 
December 2020, ABG announced the acquisition of Asset Alliance (AA), a vehicle 
   finance and related services provider, predominantly in the truck & trailer 
  and bus & coach markets. The expected consideration is GBP4.1m, against an NAV 
    of GBP8.1m (with acquisition adjustments, the expected negative goodwill (an 
   equity uplift) is GBP1.7m)). AA has leases with a net book value of ca.GBP150m. 
 ABG expects 2021 EBITDA of GBP5.5m, and, with lower-cost refinancing, we expect 
              bottom-line profitability. 
 
              Please click on the link below for the full report: 
 
https://www.hardmanandco.com/research/corporate-research/acquisition-of-asset- 
alliance/ [1] 
 
If you are interested in meeting the company, you can register your interest 
by clicking on the above link 
 
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End of Announcement - EQS News Service 
 
1154473 11-Dec-2020 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=caaf7c34b98c4a46707d289e1196d0dd&application_id=1154473&site_id=vwd&application_name=news 
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(END) Dow Jones Newswires

December 11, 2020 02:15 ET (07:15 GMT)