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PKF Littlejohn has announced that it has supported RegTech Open Project (RTOP) on its admission to the Main Market of the London Stock Exchange by direct listing.
PKF acted as reporting accountant on the transaction and the capital markets team included Joseph Baulf and Sam Bradshaw.
Upon admission to the LSE RegTech had a market capitalisation of £60m.
In August 2023, the company and RegTech Open Project S.p.A. (“RegTech Italy”) entered into a contribution agreement in which RegTech Italy contributed its entire business and assets, and transferred all its liabilities to the company.
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).
TAG owned 250,000 Ordinary Shares directly and 59,750,000 indirectly via its wholly-owned subsidiary RegTech Italy.
As a result 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.
