AssetCo PLC Acquisition of 29.8% shareholding (1555L)
11 1월 2021 - 4:00PM
UK Regulatory
TIDMASTO
RNS Number : 1555L
AssetCo PLC
11 January 2021
11 January 2021
AssetCo plc
("AssetCo" or the "Company")
Martin Gilbert and concert party acquire a 29.8%
shareholding
Intention for Martin Gilbert and Peter McKellar to join the
Board of AssetCo
AssetCo plc announces that Martin Gilbert, Peter McKellar,
various associates and funds managed by Toscafund Asset Management,
a multi asset fund manager, (together, the "Investor Group") have,
in aggregate, acquired a minority stake of 29.8% of the issued
share capital of the Company at 475 pence per share, which is
approximately the estimated net asset value per share, from a
number of institutional shareholders and the Board. Below is a
table showing the resultant holding of Harwood Capital Management
(by virtue of its association with Christopher Mills), Cadoc
Limited (by virtue of its association with Tudor Davies) and
members of the concert party.
% of issued
share % of issued
No. of shares capital No. of shares share capital
held pre pre the Shares Purchased held post post the
Shareholder the transaction transaction / (sold) the transaction transaction
Harwood Capital
Management 2,952,893 45% (1,252,893) 1,700,000 26.0%
----------------- ------------- ----------------- ----------------- ---------------
Cadoc Limited 427,361 7% (227,361) 200,000 3.1%
----------------- ------------- ----------------- ----------------- ---------------
Martin Gilbert - - 650,000 650,000 9.9%
----------------- ------------- ----------------- ----------------- ---------------
Peter McKellar - - 225,000 225,000 3.4%
----------------- ------------- ----------------- ----------------- ---------------
ToscaFund
Asset Management - 800,000 800,000 12.2%
----------------- ------------- ----------------- ----------------- ---------------
Various associates 275,000 275,000 4.2%
----------------- ------------- ----------------- ----------------- ---------------
Following receipt of the necessary regulatory approvals, it is
expected that Martin Gilbert and Peter McKellar will join the Board
as non-executive directors of the Company. Tudor Davies,
Christopher Mills and Mark Butcher will remain as directors of the
Company. The existing strategy of the business will remain and the
Board, when enlarged, will pursue additional investment
opportunities, particularly in the financial services sector.
Tudor Davies commented , "We are delighted to welcome Martin
Gilbert, Peter McKellar and Toscafund Asset Management as major
shareholders in the Company. We look forward to working closely
with them to create value for all the AssetCo shareholders by
continuing with the current strategy and assessing other
opportunities as they arise."
Martin Gilbert commented , "We believe that the next few years
will see significant investment opportunities in the financial
services sector as some of the pressures that the industry faces
from regulation, fee pressure, technology and changing client
preferences force further, and arguably a faster pace of change. We
believe that AssetCo can be a platform to make strategic
investments across the sector and to bring active management to
such opportunities."
Enquiries:
AssetCo plc
Tudor Davies, Chairman
Tel: +44 (0) 7785 703523
+44 (0) 20 7614 5900
Arden Partners plc
Nominated adviser and broker
John Llewellyn-Lloyd / Dan Gee-Summons / Nick Wright (Corporate
Finance)
Simon Johnson (Corporate Broking)
Tel: +44 (0) 20 7614 5900
TooleyStreet Communications
Fiona Tooley
Email: fiona@tooleystreet.com
Mobile: +44 (0) 7785 703523
Maitland/amo
(PR adviser to the Investor Group)
Neil Bennett
Rachel Cohen
Tel: +44 (207) 379 5151
The notifications below are made in accordance with the
requirements of the EU regulation on market abuse.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them in accordance with the Market Abuse
Regulations
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name a. Cadoc Ltd by virtue of its association
with Tudor Davies
b. Harwood Capital limited by virtue of
its association with Christopher Mills
------------------------- -----------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status a. Chairman
b. Non-executive director
------------------------- -----------------------------------------------
b) Initial notification/ Initial Notification
Amendment
------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name AssetCo Plc
------------------------- -----------------------------------------------
b) LEI 213800LFMHKVNTZ7GV45
------------------------- -----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------
a) Description of Ordinary shares of 10p each
the financial
instrument, type
of instrument GB00B42VYZ16
Identification
code
------------------------- -----------------------------------------------
b) Nature of the Sale of Ordinary Shares
transaction
------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
a. GBP4.75 227,361
b. GBP4.75 1,252,893
---------- ----------
------------------------- -----------------------------------------------
d) Aggregated information N/A
------------------------- -----------------------------------------------
e) Date of the transaction 8 January 2021
------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange, AIM
------------------------- -----------------------------------------------
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END
ACQFLFIELEIILIL
(END) Dow Jones Newswires
January 11, 2021 02:00 ET (07:00 GMT)
Assetco (LSE:ASTO)
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