AssetCo PLC Completion of acquisition (0631V)
August 05 2022 - 1:00AM
UK Regulatory
TIDMASTO
RNS Number : 0631V
AssetCo PLC
05 August 2022
5 August 2022
AssetCo plc
("AssetCo" or the "Company")
Completion of the acquisition of Revera Asset Management
Limited
On 28 February 2022 AssetCo, the agile asset and wealth
management company, announced that it had reached agreement to
acquire the entire issued share capital of Revera Asset Management
Limited ("Revera") (the "Acquisition") for an effective total
consideration of GBP2.8 million to be satisfied by the issue of
54,639 new ordinary shares of 10p each in the Company and GBP1.9
million in cash. The Acquisition was conditional on, inter alia,
approval by the FCA to the change in controller of Revera (the "FCA
CiC Approval").
AssetCo is pleased to announce that the FCA CiC Approval has
been obtained and the Acquisition was duly completed on [5] August
2022 ("Completion").
Prior to Completion, Revera had notified AssetCo that there will
be a decline in its Assets under Management ("AuM") resulting from
a change in a client's circumstances outside its control. Following
these changes it is anticipated that Revera's two funds, SVS Revera
UK Dynamic Fund and the Skye Trust, will have approximately GBP50
million in aggregate in AuM.
In the light of the above AssetCo and the vendors of Revera
agreed to reduce the consideration payable under the terms of the
Acquisition. The total consideration is GBP1.1 million which was
payable entirely in cash.
Campbell Fleming, CEO of AssetCo, said:
"The acquisition of Revera is part of our plan to establish an
active equity platform offering a range of investment styles and
strategies alongside our recently acquired River & Mercantile
capabilities to cater for investors' evolving needs. We are
confident that the addition of Revera further strengthens our
presence in Scotland. We look forward to working with the team and
their clients across the UK."
For further information, please contact:
AssetCo plc Numis Securities Limited
Campbell Fleming, CEO Nominated adviser and joint
Peter McKellar, Deputy Chairman broker
James Thorneley, Head of Communications Giles Rolls / Charles Farquhar
Tel: +44 (0) 7958 005141 Tel: +44 (0) 20 7260 1000
Panmure Gordon (UK) Limited Maitland/AMO
Joint broker Neil Bennett
Charles Leigh-Pemberton / Atholl Rachel Cohen
Tweedie Tel: +44 (0) 20 7379 55151
Tel: +44 (0) 20 7886 2906
For further details, visit the website, www.assetco.com
Ticker: AIM: ASTO.L
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END
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