REG - AssetCo PLC - Completion of acquisition

AssetcoAnnouncement

05/08/2022 07:00

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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 £2.8 million to be satisfied by the
issue of 54,639 new ordinary shares of 10p each in the Company and
£1.9 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 £50 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 £1.1 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 broker

 Peter McKellar, Deputy Chairman            Giles Rolls / Charles Farquhar

 James Thorneley, Head of Communications    Tel: +44 (0) 20 7260 1000

 Tel: +44 (0) 7958 005141

 Panmure Gordon (UK) Limited                Maitland/AMO

 Joint broker                               Neil Bennett

 Charles Leigh-Pemberton / Atholl Tweedie   Rachel Cohen

 Tel: +44 (0) 20 7886 2906                  Tel: +44 (0) 20 7379 55151

For further details, visit the website, www.assetco.com
(http://www.assetco.com/)

Ticker: AIM: ASTO.L

 

 

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