REG - Liontrust Asset Mgmt - Update on Proposed Acquisition of GAM Holding AG

Liontrust Asset ManagementAnnouncement

21/07/2023 07:00

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RNS Number : 7802G  Liontrust Asset Management PLC  21 July 2023

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LEI: 549300XVXU6S7PLCL855

For immediate release

21 July 2023

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Update on Proposed Acquisition of GAM Holding AG

 

Liontrust Asset Management Plc ("Liontrust", or the "Company"), the specialist
independent fund management group, today issues an update in relation to its
recommended public exchange offer for all publicly held registered shares of
GAM Holding AG ("GAM") (the "Transaction") which was announced on 4 May 2023.

 

Liontrust confirms that, following engagement with the shareholders of GAM,
Liontrust's proposed acquisition of GAM is a full and final offer and will not
be increased.

 

Liontrust has conducted extensive and co-operative due diligence in relation
to GAM, over many months, which validates Liontrust's view that this is a good
and fair offer to GAM shareholders.

 

Liontrust's offer takes account of the current financial run rate losses of
GAM (including its regulatory capital position, its lack of free cash and its
need for external financing) and its future contractual liabilities, as well
as the significant restructuring costs required to bring GAM to break even as
quickly as possible. Liontrust's due diligence also confirms the two
businesses are highly complementary and the significant opportunities offered
by combining the two groups.

 

It is imperative that the future of GAM is resolved as quickly as possible to
provide immediate financial and corporate stability for GAM to preserve value
for shareholders and give certainty to clients.

 

There is no other offer for the entire issued share capital of GAM and the
proposed acquisition provides a corporate resolution without further
uncertainty and instability.

 

 

For further information please contact:

 

Teneo (Tel: 020 7353 4200, Email: liontrust@teneo.com)

Tom Murray

 

Liontrust Asset Management Plc (Tel: 020 7412 1700, Website:
liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

 

Singer Capital Markets (Tel: 020 7496 3000)

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

 

Panmure Gordon (Tel: 020 7886 2500)

Corporate Broking: David Watkins

Corporate Advisory: Atholl Tweedie

 

ENDS

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