RNS Number : 8046Y
18 January 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE UK CITY CODE ON
TAKEOVERS AND MERGERS (THE "CODE"). THERE CAN BE NO CERTAINTY THAT
ANY FIRM OFFER WILL BE MADE.
For immediate release
18 January 2022
AssetCo plc ("AssetCo")
Statement regarding River and Mercantile Group PLC ("RMG")
The Board of AssetCo notes the announcement from RMG this
morning stating that, in accordance with Rule 2.6(c) of the Code,
the Board of RMG has requested, and the Panel on Takeovers and
Mergers (the "Takeover Panel") has consented to, an extension to
the date by which AssetCo is required either to announce a firm
intention to make an offer for RMG in accordance with Rule 2.7 of
the Code or to announce that it does not intend to make an offer,
in which case the announcement will be treated as a statement to
which Rule 2.8 of the Code applies. Such announcement must now be
made by not later than 5.00 p.m. (London time) on 25 January 2022,
which will allow time to finalise a potential offer for the
remaining RMG Asset Management business ("RMG Asset Management")
for the benefit of all AssetCo and RMG shareholders. This deadline
can be extended by the Board of RMG, with the consent of the
Takeover Panel, in accordance with Rule 2.6(c) of the Code.
The AssetCo Board believes that RMG Asset Management and AssetCo
are highly complementary and that a combination of AssetCo and RMG
Asset Management would create significant value for the combined
group's clients, portfolio managers, employees and shareholders.
The AssetCo directors also believe that there is material value in
leveraging other elements of the AssetCo business and strategy to
increase the value of RMG Asset Management and widen investor
There can be no certainty that a firm offer will be made nor as
to the terms of any such offer. A further announcement will be made
in due course.
Campbell Fleming, Chief Executive Officer at AssetCo, said:
"We welcome the Board of River and Mercantile Group's decision
to extend the offer period. Discussions have progressed over the
festive period and into January. The extended period will allow us
to finalise a potential offer to acquire River and Mercantile
(excluding its Solutions business) for the benefit of both AssetCo
and River and Mercantile shareholders.
"Over the last few weeks, we have met with additional members of
the River and Mercantile team which has confirmed our view of the
great potential it has as an active equity and infrastructure
investment manager. River and Mercantile has the people, expertise
and product offering to be a core part of AssetCo as we build an
agile 21st century asset and wealth management business that meets
the needs of investors."
Campbell Fleming, CEO
Peter McKellar, Deputy Chairman +44 (0) 79 5800
James Thorneley, Head of Communications 5141
Numis (Financial Adviser to AssetCo)
Alec Pratt +44 (0) 20 7260 1000
Arden Partners plc (Nominated adviser and broker to AssetCo)
John Llewellyn-Lloyd +44 (0) 207 260
Louisa Waddell +44 (0) 20 7614 5900 1000
Neil Bennett +44 (0) 207 260
Rachel Cohen +44 (0) 20 7379 5151 1000
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting as Financial Adviser exclusively for AssetCo and no one
else in connection with the matters set out in this announcement
and will not regard any other person as its client in relation to
the matters in this announcement and will not be responsible to
anyone other than AssetCo for providing the protections afforded to
clients of Numis, nor for providing advice in relation to any
matter referred to herein.
Arden Partners plc ("Arden"), which is authorised and regulated
by the Financial Conduct Authority and is a member of the London
Stock Exchange, is acting as NOMAD and Broker to the Company and no
one else in connection with the proposed transaction and will not
regard any other person (whether or not a recipient of this
document or any other information) as its customer in relation to
the proposed transaction and accordingly will not be responsible to
any other person for providing protections afforded to its
customers or advising any such other person on the proposed
transaction or matters referred to herein.
The Maitland Consultancy Ltd ("Maitland/AMO") is acting as
financial public relations adviser to AssetCo and no one else in
connection with the matters set out in this announcement.
Maitland/AMO does not owe or accept any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person in
connection with this announcement, any statement contained herein
This announcement is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities or
the solicitation of any vote in any jurisdiction.
The release, publication or distribution of this announcement in
jurisdictions outside the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes
should inform themselves about and observe such restrictions. Any
failure to comply with such restrictions may constitute a violation
of the securities law of any such jurisdiction.
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available at
www.assetco.com/investor-relations/ promptly and in any event by no
later than 12 noon on the business day following this announcement.
The content of this website is not incorporated into and does not
form part of this announcement.
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January 18, 2022 02:56 ET (07:56 GMT)
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