REG - AssetCo PLC - FCA approve acquisition of Ocean Dial by AssetCo

AssetcoAnnouncement

15/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230815:nRSO2704Ja&default-theme=true

RNS Number : 2704J  AssetCo PLC  15 August 2023

15 August 2023

LEI: 213800LFMHKVNTZ7GV45

 

 

For Immediate Release

 

AssetCo plc

("AssetCo" or the "Company")

FCA approve acquisition of Ocean Dial Asset Management Limited by AssetCo

 

AssetCo (AIM: ASTO), the agile asset and wealth management company, is pleased
to announce that the Financial Conduct Authority has approved AssetCo's change
in control application. This enables AssetCo to proceed with its acquisition
of Ocean Dial Asset Management Limited from Avendus Capital Asset Management
(UK) Limited, once Indian regulatory approvals have been obtained. The
requisite clearances from the Indian regulators are at an advanced stage.

Further information on the acquisition and on Ocean Dial was set out in
AssetCo's announcement of the transaction on 6 March 2023. The consideration
for the acquisition is £4.125m (subject to possible adjustments) to be
satisfied by the issue of 2,928,258 ordinary shares of £0.01 each in the
capital of the Company, and £2.125m in cash. The acquisition is expected to
be earnings enhancing for the Group and provides that the economic interest in
the Ocean Dial business accrues to AssetCo from the date of FCA approval.

Ocean Dial manages the assets of the India Capital Growth Fund Limited, which,
as at end July 2023, had a net asset value in excess of £150m generating an
annualised run rate revenue for the manager of around £1.8m. The Fund has
been successfully advised for several years by Gaurav Narain and team, based
in India, who will be joining the AssetCo Group on completion. They have
delivered excellent performance with the fund out-performing its benchmark by
some 7% over the last year (to end July 2023).

Martin Gilbert, Chairman of AssetCo, commented:

"The approval of the FCA is a significant step forwards and brings us closer
to completing our acquisition of Ocean Dial, which will broaden and strengthen
our equity management capability. We are delighted to celebrate that progress
on Independence Day for India, recognising that we await final approval from
the Indian regulators. India is making significant progress and its economy
has the potential to match or even overtake those of the US and China in the
longer term. The country is home to some market leading companies and a
remarkable pool of talent. We are excited to be one step closer to being able
to complete our acquisition of Ocean Dial."

 

For further information, please contact:

 AssetCo plc                       Numis Securities Limited

 Gary Marshall, CFOO               Nominated adviser and joint broker

 Peter McKellar, Deputy Chairman   Giles Rolls / Charles Farquhar

 Tel: +44 (0) 7788 338157          Tel: +44 (0) 20 7260 1000

 Panmure Gordon (UK) Limited       H/ Advisors Maitland

 Joint broker                      Neil Bennett

 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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQPIMATMTMBBBJ