RegTech Open Project plc

Deal Alert: PKF supports admission to the Main Market of the London Stock Exchange

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We are delighted to have supported RegTech Open Project plc (RTOP) on their admission to the Main Market of the London Stock Exchange by Direct Listing, with the Company having a market capitalisation of £60m on Admission.

In August 2023, the Company and RegTech Open Project S.p.A. (“RegTech Italy”) entered into a contribution agreement which RegTech Italy contributed its entire business and assets, and transferred all its liabilities to the Company (the “Contribution”).

As a result of this Contribution, The AvantGarde Group S.p.A. (“TAG”) became the ultimate beneficial owner of 100% of the issued share capital of the Company (comprising 60,000,000 Ordinary Shares), holding 250,000 Ordinary Shares directly and 59,750,000 indirectly via its wholly-owned subsidiary RegTech Italy. Pursuant to irrevocable sale and purchase, settlement and acquisition arrangements which take effect conditional on Admission, 35% of the issued share capital (being 20,997,000 Ordinary Shares) shall be in “public hands” on Admission.

RTOP is a technology business specialised in regtech that has developed the award-winning Orbit Open Platform, which helps its customers navigate an increasingly complex regulatory landscape, maintain a secure and stable operating environment, whilst improving compliance with applicable regulations and standards, and reducing the risk of business disruptions.

“PKF provided exceptional guidance and advice as RegTech Open Project plc embarked on its Direct Listing. They were quick in responding to questions and pragmatic and timely in finding solutions. We look forward to working with the team as we begin life as a listed business.”

Ian Halliday-Pegg, CEO
RegTech Open Project plc

PKF acted as reporting accountant on the transaction and the Capital Markets team included Joseph Baulf and Sam Bradshaw.

Find out more about how our Capital Markets team can support you and your business here