REG - JTC PLC - Payment of SALI earnout and issue of equity

JTCAnnouncement

12/01/2024 07:00

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RNS Number : 4444Z  JTC PLC  12 January 2024

12 January 2024

 

 

JTC PLC

(the "Company" and together with its subsidiaries "JTC" or the "Group")

 

Payment of SALI earnout and issue of equity

Further to the Company's announcements on 6 October 2021 and 12 November 2021
of the acquisition of SALI Fund Management, LLC and SALI GP Holdings, LLC
(together "SALI"), JTC announces that, following the achievement of
performance targets for the two-year period post completion set out in the
earn-out terms of the Securities Purchase Agreement, further consideration of
$31.5 million is payable. The further consideration will comprise of $26.8m in
cash and 465,516 new JTC ordinary shares, equivalent to $4.7m. The shares are
subject to a 12 month lock-in period and orderly market provisions. The cash
element will be satisfied from the Group's existing resources.

Admission and Total Voting Rights

Applications have been made to the Financial Conduct Authority ("FCA") and
London Stock Exchange plc (the "London Stock Exchange"), respectively, for
465,516 new ordinary shares of £0.01 each in the capital of the Company (the
"Shares") to be admitted to the premium listing segment of the Official List
of the FCA and to trading on the main market of the London Stock Exchange
("Admission"). It is expected that Admission will become effective and
dealings in the Shares will commence at 8.00am on Wednesday 17 January 2024.

Following Admission the Company will have 165,987,194 ordinary shares of
£0.01 each in issue. There are no shares held in treasury. Therefore,
following Admission the total number of voting rights in the Company will be
165,987,194 (the "Voting Rights Figure"), and this Voting Rights Figure may be
used by the Company's shareholders as the denominator for the calculations by
which they will determine if they are required to notify their voting rights
interest, or a change to that interest, in the Company under the FCA's
Disclosure Guidance and Transparency Rules.

Nigel Le Quesne, Chief Executive Officer, commented:

"We are very pleased with SALI's performance in the post-acquisition period.
SALI has performed in line with expectations and has integrated well into the
Group with particularly strong cultural alignment. SALI continues to provide
highly predictable, long-term revenue streams with further growth
opportunities in the future."

 

Enquiries:

 

JTC
PLC

 

Miranda Lansdowne

JTC (Jersey) Limited, Company Secretary

+44(0)1534 816 290

Miranda.Lansdowne@jtcgroup.com (mailto:Miranda.Lansdowne@jtcgroup.com)

 

 

About JTC

 

JTC is a publicly listed, global professional services business with deep
expertise in fund, corporate and private client services. Every JTC person is
an owner of the business and this fundamental part of our culture aligns us
with the best interests of all of our stakeholders. Our purpose is to maximise
potential and our success is built on service excellence, long-term
relationships and technology capabilities that drive efficiency and add
value.

 

www.jtcgroup.com (http://www.jtcgroup.com/)

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