AssetCo PLC Completion of acquisition (0493H)
July 30 2021 - 2:00AM
UK Regulatory
TIDMASTO
RNS Number : 0493H
AssetCo PLC
30 July 2021
30 July 2021
AssetCo plc
("AssetCo" or the "Company")
Completion of acquisition of Saracen Fund Managers Limited
On 14 May 2021, the Company announced that it had reached
agreement to acquire the entire issued share capital of Saracen
Fund Managers Limited ("Saracen") (the "Acquisition") for an
effective total consideration of GBP2.75 million (the
"Consideration"). The Acquisition was conditional on, inter alia,
approval by the FCA to the change of controller and the admission
of the Consideration Shares to trading on AIM. The Consideration
for the Acquisition was to be satisfied by the issue of 166,904 new
ordinary shares of 10p each in the Company, fully paid (the
"Consideration Shares") and GBP664,774 in cash.
The Company is pleased to announce that the conditions
pertaining to the Acquisition have been satisfied and that
completion of the Acquisition took place earlier today.
The Acquisition follows on from the completion of the
acquisition of an effective 63% equity interest in ETF Rize Limited
from J&E Davy Holdings, which took place on 27 July.
Peter McKellar, Deputy Chairman and CEO of AssetCo,
commented:
"The completion of the acquisition of Saracen Fund Managers is
part of AssetCo's overall strategy of investing in, building and
managing asset and wealth management businesses. Saracen is a small
fund management firm with great potential. Our aim is to grow the
business through marketing its existing funds and, over time,
broadening its product range to meet the evolving needs of
investors.
"The acquisition of Saracen, alongside the completion of the
acquisition of a majority equity interest in Rize ETF, comes a
little over three months since AssetCo's new strategy was approved
by shareholders. There are numerous structural shifts taking place
within the asset and wealth management industry, including
demographics and the use of technology. These are presenting
challenges and opportunities for incumbent firms. Without the
constraints of a legacy business, we believe we can capitalise on
these shifts to generate significant value and to deliver
successful outcomes for clients and shareholders."
Enquiries:
AssetCo plc
Peter McKellar, Deputy Chairman and CEO
James Thorneley, Head of Communications
Tel: +44 (0) 7958 005 141
Arden Partners plc
Nominated adviser and broker
John Llewellyn-Lloyd / Louisa Waddell / Akhil Shah
Tel: +44 (0) 20 7614 5900
Maitland/AMO
Neil Bennett
Rachel Cohen
Tel: +44 (207) 379 5151
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END
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