AssetCo PLC Completion of the sale of R&M LLC for $8.79m (1703V)
August 08 2022 - 2:00AM
UK Regulatory
TIDMASTO
RNS Number : 1703V
AssetCo PLC
08 August 2022
LEI: 213800LFMHKVNTZ7GV45
8 AUGUST 2022
ASSETCO PLC
("AssetCo" or the "Company")
COMPLETION OF THE SALE OF RIVER AND MERCANTILE LLC FOR
$8.79m
The Company is pleased to announce that the sale of River and
Mercantile LLC, a US based investment solutions and actuarial
business, to Agilis Holding Company LLC (the "Transaction")
completed on 5 August 2022.
The total consideration paid to the Company's subsidiary, River
and Mercantile US Holdings Limited (the "Seller"), is $8,796,000.
In accordance with the previously agreed terms of the Transaction,
$856,000 will be paid on completion with a further payment of
$1,700,000 payable within 60 days of completion. Following the
notice of acceleration of the payment of the promissory note by the
Seller, the balance of the consideration, $6,000,000, will be paid
within 60 days. The Seller will receive a further payment of
$240,000 over a one-year period following completion of the
Transaction.
The terms of this Transaction were agreed to by the Seller in
January 2022 prior to the acquisition of River and Mercantile Group
PLC by the Company and were previously announced by the Seller's
then ultimate parent company, River and Mercantile Group PLC.
Enquiries:
AssetCo plc +44 (0) 79 5800 5141
Campbell Fleming
Peter McKellar
James Thorneley
Numis -Nominated Adviser and
Joint Broker to AssetCo
Giles Rolls
Charles Farquhar +44 (0) 20 7260 1000
Panmure Gordon - Joint Broker
to AssetCo
Charles Leigh-Pemberton
Atholl Tweedie
Gabriel Hamlyn +44 (0) 20 7886 2906
Maitland/AMO - PR Adviser to
AssetCo
Neil Bennett
Rachel Cohen +44 (0) 20 7379 5151
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END
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