A company backed by Mika Häkkinen and David Coulthard is to quit the London Stock Exchange after failing to complete the takeover of a super car road trip company.
Tertre Rouge Assets, which is majority owned by former racing driver André Ahrlé, is to delist next month after its move to acquire The Run To Group collapsed.
The Run To Group organises exclusive super car road trips with its Monaco edition the most well known.
Former F1 champion Mika Häkkinen and drivers David Coulthard and Allan McNish also have stakes in Tertre Rouge Assets.
‘Continuing difficult market conditions’
In a statement issued to the London Stock Exchange, Tertre Rouge Assets said: “Over the past several months, the directors have held numerous meetings with potential investors.
“Whilst the initial feedback regarding the proposed acquisition was positive, the common theme of these meetings was the continuing tough conditions faced by the UK’s capital markets and the difficulty faced by pre-revenue issuers attempting to raise capital.
“The directors have since undertaken a strategic review of the business, given the feedback received to date from potential investors and the continuing difficult market conditions.
“Following this review, the directors have concluded that it is in the best interests of shareholders to take the necessary steps to cancel the company’s listing and admission to trading to reduce costs and the administrative burden of the public listing, since at this time the listing does not generate sufficient benefit to the company.”
Tertre Rouge Asset is now expected to delist from the London Stock Exchange on August 13.
The business said the move would allow it “to save costs, reduce its administrative and regulatory burden, and provide it with flexibility to pursue other options”.
Non-executive chairman and co-founder Steven Schapera said: “We are disappointed that we have not been able to complete the proposed acquisition, and the board has determined that termination of these discussions is in the best interests of our shareholders.
“Unfortunately, despite our best efforts, we could not raise the necessary funds in what continues to be a difficult market environment.
“Whilst we appreciate this will come as a disappointment to our shareholders, it is in their best interests that we delist TRA whilst we explore alternative options.”