Alliance Trust PLC Alliance Trust Plc - Sale Of Alliance Trust Savings
October 22 2018 - 1:00AM
UK Regulatory
TIDMATST
22 October 2018
This announcement contains inside information
Alliance Trust PLC
("Alliance Trust" or "the Trust")
Alliance Trust announces the sale of Alliance Trust Savings
Alliance Trust today announces that it has agreed the sale of its
subsidiary company Alliance Trust Savings (ATS) to Interactive Investor
("ii"), the UK's second largest investment platform.
Lord Smith of Kelvin, Alliance Trust's Chairman, commented:
"The Board is pleased to announce the sale of ATS to Interactive
Investor. The two businesses are highly complementary and ATS customers,
many of whom are Alliance Trust shareholders, will benefit from
Interactive Investor's similar low flat-fee structure, as well as its
increased scale and focus. A key consideration for the Board was a
commitment to maintaining ATS' presence in Scotland. We are therefore
very pleased that ii plans to invest in ATS' Dundee operating centre."
Richard Wilson, CEO of ii, commented:
"This is another important step in our ambition to build the UK's best
investment platform. The acquisition brings together the country's two
largest fixed price providers, adding significant scale to ii, and
reinforcing our ability to deliver excellent choice, value and service
to all our customers."
The total price payable under the sale agreement is GBP40m, subject to
post completion adjustments, and includes Alliance Trust's office
building in Dundee, where ATS is based. The Trust, which has been
headquartered in Dundee since 1888, will continue to be based in the
City.
As at 30 June 2018, ATS, which represents 1.3% of the Trust's portfolio,
had a fair value of GBP38m and the Dundee building was valued at
GBP4.9m.
The sale is another positive step in Alliance Trust's strategy to focus
on its global equity portfolio. This has previously seen Alliance
Trust's successful sale of its in-house investment management arm,
Alliance Trust Investments, to Liontrust Investment Management, as well
as the recent agreement to sell off most of the Trust's private equity
assets.
The proceeds from the sale will be invested in the global equity
portfolio, managed by Willis Towers Watson, which following completion
will represent close to 100% of the Trust's investment portfolio.
Evercore is advising Alliance Trust and Rothschild is advising ii on the
acquisition of ATS. The sale is subject to regulatory approval from the
PRA and FCA.
-END-
Alliance Trust PLC
Gregor Stewart, Deputy
Chairman
Mark Atkinson, Marketing +44 (0) 138 232 1280 / +44
and Comms Manager (0) 791 872 4303
Tulchan (PR Advisor to +44 (0) 0207 353 4200 or
Alliance Trust PLC) alliancetrust@tulchangroup.com
---------------------------------------------------
Elizabeth Snow
---------------------------------------------------
Martin Pengelley
Lisa Jarrett Kerr
Interactive Investor +44 (0) 20 7680 3655
Richard Wilson, CEO
---------------------------------------------------
Alex Kovach, CCO
---------------------------------------------------
TB Cardew (PR Advisor
to ii) +44 (0) 207 930 0777 or ii@tbcardew.com
---------------------------------------------------
Tom Allison +44 (0) 7789 998 020
Shan Shan Willenbrock +44 (0) 7775 848 537
Lucy Featherstone +44 (0) 7789 374 663
About interactive investor
interactive investor (ii) is the UK's number one flat fee investment
platform. ii offers a wealth of unbiased information, analysis, tools
and expert ideas to help customers make better informed investment
decisions. ii's award-winning trading platform provides access to an
extensive choice of markets, instruments and currencies within Trading,
ISA and SIPP accounts. This comprehensive investing service is
underpinned by a strong focus on delivering great value for investors
demonstrated through an innovative and competitive pricing model --
featuring simple, flat fees and unique 'trading credits'.
Since 2013 the investment platforms market has almost doubled in size to
GBP500bn AUM, with an extra 2.2 million customer accounts opened in the
same period. ii has approximately 10% of the UK direct to consumer
investment platform market. www.ii.co.uk
(END) Dow Jones Newswires
October 22, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Alliance (LSE:ATST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alliance (LSE:ATST)
Historical Stock Chart
From Jul 2023 to Jul 2024