Directa Plus Plc (AIM:DCTA) signed a conditional share sale purchase agreement to acquire additional 48.96% stake in S.C. SetCar S.A. from GVC Investment Company Limited for ?1.5 million on February 26, 2024. The Consideration is structured as an immediate payment of ?0.5 million, which has been paid from Directa's existing cash resources, and a further payment of ?1.0 million, which is due prior to March 30, 2024. As on March 25, 2024, Directa Plus has entered into a loan agreement with a total value of ?1 million, with the funding to be used to complete the final payment for the acquisition of Setcar S.A. For the year ended December 31, 2023, Setcar has reported revenues of ?7.66 million, EBITDA of ?0.35 million and net assets of ?2.7 million.

The completion of the acquisition is conditional on, inter alia, the payment of total consideration of ?1.5 million and the passing of certain resolutions by the shareholders of Setcar at a shareholder meeting expected to be held in April 2024. Neil McDonald and Adam Rae of Cavendish Capital Markets Limited acted as financial advisor to Directa Plus.