Deferred Consideration - Northern VCT Contracts
26/01/2023 07:00
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RNS Number : 8960N Mercia Asset Management PLC 26 January 2023
RNS 26 January 2023
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Deferred Consideration - Northern VCT Contracts
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with c.1.4billion of assets under management,
announces that the final deferred consideration payable in respect of the
acquisition of the venture capital trust ("VCT") fund management business from
NVM Private Equity LLP, details of which were originally announced on 3
December 2019, has become payable.
The triggers for payment of the final deferred consideration of £2.1million,
to be settled by the issue of new Ordinary Shares in Mercia ("Deferred
Consideration Shares") were: (i) fund management fee income equalling at least
£16.0million and (ii) proceeds from new Northern VCT share issues equalling
at least £60.0million, during the three-year period to 23 December 2022. Both
targets were exceeded, which is a positive outcome for Mercia.
The deferred consideration will be settled in accordance with the previously
announced terms, by the issue of 6,471,495 new Deferred Consideration Shares
at a value of 32.45 pence per share, which is the average closing mid-market
price for the five dealing days immediately preceding 26 January 2023.
Application has been made for the Deferred Consideration Shares to be admitted
to trading on the AIM market of the London Stock Exchange ("Admission") and it
is expected that Admission will become effective on 31 January 2023.
Following Admission, the Company will have 446,581,202 Ordinary shares in
issue. This figure may be used as the denominator for the calculations by
which shareholders will determine if they are required to notify their
interest in, or a change to their, shareholding in Mercia under the FCA's
Disclosure Guidance and Transparency Rules.
-Ends-
For further information, please contact:
Mercia Asset Management PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.mercia.co.uk (http://www.mercia.co.uk/)
Canaccord Genuity Limited (NOMAD and Joint Broker) +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker) +44 (0)20 7496 3000
Harry Gooden, James Moat
FTI Consulting +44 (0)20 3727 1051
Tom Blackwell, Immy Ransom
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional
SMEs to achieve their growth aspirations. Mercia provides capital across its
four asset classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over time Mercia
can provide further funding to the most promising companies, by deploying
direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
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