AssetCo PLC Further shares acquired in R&M and Strategy Update (2321O)
February 08 2021 - 1:00AM
UK Regulatory
TIDMASTO
RNS Number : 2321O
AssetCo PLC
08 February 2021
8 February 2021
AssetCo plc
("AssetCo" or the "Company")
Further Acquisition of a stake in River and Mercantile Group Plc
and
Update on Strategy
AssetCo plc announces that on 5 February it acquired an
additional 2,500,000 ordinary shares in River and Mercantile Group
Plc (the "Investment"), an asset management business, at GBP2.28
per share representing a premium of 2.2 per cent to the closing
share price of GBP2.23 on 4 February 2021, the last practical date
prior to the Investment. The consideration for the Investment
totalling GBP5.7 million is being paid out of cash. AssetCo now
holds in aggregate 5,000,000 ordinary shares in River and
Mercantile Group Plc representing 5.85 per cent of the issued share
capital of River and Mercantile Group Plc.
Update on Strategy
The Board now intends to change its business strategy to the
development of an asset and wealth management business. As a
result, this will be a fundamental change of business and the
Company will effect a readmission of its shares pursuant to AIM
Rule 14. The Board is committed to completing the readmission
process within three months and will provide further updates to
shareholders in due course.
Enquiries:
AssetCo plc
Tudor Davies, Chairman
Tel: +44 (0) 7785 703523
+44 (0) 20 7614 5900
Arden Partners plc
Nominated adviser and broker
John Llewellyn-Lloyd / Dan Gee-Summons / Nick Wright
Tel: +44 (0) 20 7614 5900
TooleyStreet Communications
Fiona Tooley
Email: fiona@tooleystreet.com
Mobile: +44 (0) 7785 703523
maitland/amo
Neil Bennett
Rachel Cohen
Tel: +44 (207) 379 5151
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRUNRURAWUURUR
(END) Dow Jones Newswires
February 08, 2021 02:00 ET (07:00 GMT)
Assetco (LSE:ASTO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Assetco (LSE:ASTO)
Historical Stock Chart
From Apr 2023 to Apr 2024