Workspace Group plc (LSE:WKP) agreed to acquire McKay Securities Plc (LSE:MCKS) from Aberforth Partners LLP, The Iain Mckay Discretionary Grandchildren's Trust, Sutherland Securities Ltd, TR Property Investment Trust plc (LSE:TRY) managed by BMO Investment Business Limited, Smith & Williamson Nominees Limited and other shareholders for approximately £270 million on March 2, 2022. Workspace has entered into a loan facility agreement with Banco Santander S.A., London Branch, HSBC UK Bank plc and National Westminster Bank plc as original lenders and National Westminster Bank plc as agent dated 2 March 2022, pursuant to which a £200,000,000 credit facility is being made available to Workspace to finance the cash payable to McKay Shareholders under the terms of the Acquisition. Immediately following completion of the Acquisition, existing Workspace Shareholders will hold approximately 95 per cent of the Enlarged Group and McKay Shareholders will hold approximately 5 percent of the Enlarged Group.

The transfer to Workspace of the Scheme Shares will result in McKay becoming a wholly owned subsidiary of Workspace. Board of McKay unanimously recommended the offer to shareholders. The transaction is subject to court approval, regulatory approval, third party approval, listing of Workspace shares in London Stock Exchange and Workspace shareholder approvals.

As of April 27, 2022, the transaction has been approved by the shareholders of McKay Securities and remains subject to the satisfaction or waiver of the remaining conditions, including the court sanctioning the scheme at the court sanction hearing expected to be held on May 4, 2022. The transaction is expected to complete in May 2022. As of April 27, 2022, if the court's sanction is obtained, the scheme is expected to become effective on May 6, 2022.

The acquisition to deliver strong returns and be earnings accretive from year 2. Matt Smith, Jonty Edwards and Paul Pulze of J.P. Morgan Cazenove acted as Financial Adviser and Caroline Rae and Ben Ward of Herbert Smith Freehills LLP acted as legal advisor to Workspace. Alex Midgen, Sam Green and Jake Shackleford of N M Rothschild & Sons Limited acted as Financial Adviser and fairness opinion provider and Slaughter and May acting as legal adviser to McKay. Ernst & Young Global Limited acted as financial advisor to Workspace Group plc.

Stewart Wallace, Mark Young of Stifel Nicolaus Europe Limited acted as financial advisor to McKay Securities Plc.