REG - AssetCo PLC - Completion of the sale of R&M LLC for $8.79m

AssetcoAnnouncement

08/08/2022 08:00

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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  +44 (0) 20 7260 1000

 Giles Rolls

 Charles Farquhar

 Panmure Gordon - Joint Broker to AssetCo              +44 (0) 20 7886 2906

 Charles Leigh-Pemberton

 Atholl Tweedie

 Gabriel Hamlyn

 Maitland/AMO - PR Adviser to AssetCo                  +44 (0) 20 7379 5151

 Neil Bennett

 Rachel Cohen

 

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