REG - Amicorp FS (UK) PLC - Related Party Transaction with the Amicorp Group

Amicorp FS (UK)Announcement

27/12/2024 07:00

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RNS Number : 4170R  Amicorp FS (UK) PLC  27 December 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under Article 7 of EU Regulation 596/2014
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018). Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

27 December 2024

 

Amicorp FS (UK) Plc

('AMIF', the 'Company' or the 'Group')

 

Related Party Transaction with the Amicorp Group

 

Amicorp FS (UK) Plc, the international specialist fund services group, is
pleased to announce that on 24 December 2024, the Company signed share and
purchase agreements for the acquisition of three entities from the Financial
Markets and Management Services divisions of the Amicorp Group into the
Company (the 'Acquisition').

 

The Acquisition will occur as two concurrent transactions which will take
place with immediate effect. The first transaction involves the transfer of
Amicorp Financial Services Philippines Inc. ('AFSP'), which is domiciled in
the Philippines, and Amicapital Services Limited ('Amicapital'), which is
domiciled in Cyprus. The second transaction will comprise the transfer of
Amicorp Trustee (India) Private Limited ('ATIPL'), which is domiciled in
India.

 

AFSP and Amicapital (together, the 'BPO Unit') specialise in the provision of
business process outsourcing services such as accounting, administration and
back-office support. The BPO Unit is therefore complementary to the current
services offered by AMIF and provides additional scale. The major customer of
the BPO Unit is one of the global leaders in credit ratings and research, and
is expected to contribute c.US$1 million recurring annual revenue to the
Group.

 

ATIPL and its Ghandhinagar Branch are authorised by the International
Financial Services Centres Authority ('IFSCA') of India to provide general
management consulting, financial management consulting, administration and
trusteeship services. Its customer base includes private trusts established by
high-net-worth individuals and their family members, as well as investment
funds designated as unit trusts in India. The inclusion of ATIPL will enhance
AMIF's presence and service offering in India, one of the fastest growing
major economies in the world.

 

The first and second transactions are valued at US$2.0 million and US$2.5
million respectively. The combined consideration of US$4.5 million will be
offset against the existing receivable balance due from the Amicorp Group.

 

Given that the acquired entities are each owned by the Amicorp Group, the
Company's largest shareholder, the Acquisition is deemed to be related party
transaction under Rule 7.3 of the Disclosure Guidance and Transparency Rules.

 

Toine Knipping, the Chairman of the Company and the Chief Executive Officer of
the Amicorp Group, has recused himself from all AMIF Board discussions on the
Acquisition. The independent directors, being Kathy Byrne and Patrick Byron,
consider that the terms of the Acquisition are fair and reasonable insofar as
shareholders are concerned.

 

The Company further confirms that it expects to publish a trading update for
the year ended 31 December 2024 in mid-February 2025 and further details on
the financial impact of the Acquisition will be included within this
announcement

Commenting on the Acquisition, Kin Lai, CEO of AMIF, said: "The decision to
proceed with this Acquisition was made after thorough consideration of its
strategic merits and potential benefits to the Company. The Acquisition adds
strength and depth to our existing services, enabling us to further
consolidate our administration solutions to support family offices, asset
managers and institutional investors.

 

"This Acquisition has been carefully reviewed and approved in accordance with
applicable regulatory and governance requirements. Moreover, necessary steps
have been taken to ensure fairness, transparency and that the Acquisition is
in the best interests of the Company and its shareholders. Looking ahead, we
will focus on integrating the acquired entities into our operations in a way
that maximises the value of this Acquisition."

 

- Ends -

 

For further information please contact:

 

 Amicorp FS (UK) Plc                                  Via Burson Buchanan

 Chi Kin Lai, Chief Executive Officer

 Tat Cheung (Stephen) Wong, Chief Financial Officer

 Zeus (Broker)                                        Tel: +44 (0) 20 3829 5000

 Martin Green / Louisa Waddell (Investment Banking)   www.zeuscapital.co.uk (http://www.zeuscapital.co.uk/)

 Benjamin Robertson (Corporate Broking)

 Bowsprit Partners Limited (Financial Adviser)        Tel: +44 (0) 20 3883 4430

 John Treacy                                          www.bowspritpartners.com (http://www.bowspritpartners.com/)

 Luis Brime

 Media enquiries:                                     Tel: + 44 (0) 20 7466 5000

 Burson Buchanan (Financial Communications)           AmicorpFS@buchanan.uk.com (mailto:AmicorpFS@buchanan.uk.com)

 Simon Compton

 Verity Parker

Notes to Editors

 

AMIF is an international specialist fund services group that works with a
broad mix of clients including institutional investors, fund managers (private
equity, venture capital and hedge funds) as well as family offices to provide
a suite of specialist services across global markets. AMIF provides local and
global expertise to over 500 funds.

 

AMIF provides a comprehensive and tailored range of services which are all
underpinned by market-recognised technology solutions that support clients
from a single point of contact.

 

These include:

 

·    Fund Administration and Investor Services: Fund accounting, fund
administration, in-house NAV calculation, investor services including Register
& Transfer Agency services, booking of subscriptions & redemptions,
audit liaison/support, real time oversight over investment performance.

 

·    Governance and Compliance Services: FATCA and CRS reporting services,
Fiduciary, Anti-Money Laundering (AML) officer services in compliance with
international rules and regulations including administrative support to the
Board and Committees of the Board.

 

·    BPO Services: Simplifying accounting and administration services
through automated accounting processes and providing management insight into
business operations through regular and consistent management reporting.

 

For further information please visit www.amicorp-funds.com/chairmans-welcome/
(http://www.amicorp-funds.com/chairmans-welcome/)

 

 

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