REG - Tatton Asset Mgt PLC - Completion of Acquisition, Issue of Shares and TVR

Tatton Asset ManagementAnnouncement

15/08/2022 07:00

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RNS Number : 9265V  Tatton Asset Management PLC  15 August 2022

15 August 2022

 

Tatton Asset Management PLC

("TAM", the "Group", "Tatton" or the "Company")

 

Completion of Acquisition, Issue of Shares

and Total Voting Rights

 

Tatton Asset Management plc (AIM: TAM), the investment management and IFA
support services group, is pleased to confirm that, further to the
announcement of the 20 April 2022, the Group completed the acquisition of 50%
of the share capital of 8AM Global Limited ("8AM"), having received regulatory
approval ("Completion").

 

As previously announced TAM has agreed to acquire 50% of the issued share
capital of 8AM Global Limited ("8AM") for a total consideration of £7.0
million (the "Consideration"), with an option to acquire a further 50% in due
course.

 

THE ACQUISITION

8AM is an investment manager primarily focussed on delivering risk-profiled
model portfolios ("MPS") and a small range of multi-manager funds. Their model
portfolios and funds will complement TAM's existing proposition, further
demonstrating our commitment to supporting financial advisers in delivering
low-cost investment management and enhancing IFA client outcomes. The
proposed acquisition will provide our IFAs' clients access to an extended
range of risk profiled investments utilising 8AM's experience, investment
style and approach. Post completion 8AM's AUM is expected to be at least
£0.8 billion and it is anticipated to generate adjusted operating profit of
£0.7m in its first full year of ownership.

 

ISSUE OF SHARES

As outlined in the announcement dated 20 April 2022, 50% of the Consideration
is payable through the issue of shares in Tatton. The share consideration will
be satisfied by the issue of new 877,737 ordinary shares of £0.20 each
("Ordinary Shares")(the "Consideration Shares").  The Consideration Shares
will be issued at a price of £3.9891, representing a 5% discount to the
average volume weighted average share price for the five days ended 11 August
2022, which was the last practicable date prior to Completion.

 

TOTAL VOTING RIGHTS

The Consideration Shares will rank pari passu in all respects with the
existing Ordinary Shares in issue at the time such shares are issued.
Application has been made for the newly issued shares to be admitted to
trading on AIM, and admission is expected to take place on 17 August 2022
("Admission"). Following Admission, the Company's issued share capital will
consist of 59,842,624 ordinary shares. There are no ordinary shares held in
treasury. Therefore, following Admission, this figure of 59,842,624 should be
used by shareholders as the denominator for the calculation by which they
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

Commenting on the Proposed Acquisition, Paul Hogarth, Chief Executive Officer,
said:

 

"I am delighted to announce the completion of the acquisition of 50% of the
share capital of 8AM Global Limited, an ambitious and growing DFM MPS
business. The business complements TAM's existing core MPS offering which has
continued to see strong net inflows over the first four months of this
financial year. 8AM brings with it an experienced and motivated management
team who are well known to us and culturally aligned to the values of the
Group. We are very much looking forward to working with them.

 

For further information please contact:

 

 Tatton Asset Management PLC                                                      +44 (0) 161 486 3441

 Paul Hogarth (Chief Executive Officer)

 Paul Edwards (Chief Financial Officer)

 Lothar Mentel (Chief Investment Officer)
 Zeus - Nomad and Broker                                                          +44 (0) 20 3829 5000

 Martin Green

 Dan Bate
 Singer Capital Markets- Joint Broker                                             +44 (0) 20 7496 3000

 Peter Steel, Rachel Hayes (Investment Banking)
 Belvedere Communications - Financial PR

 John West / Llew Angus (media)                                                   +44 (0) 7407 023147

 Cat Valentine / Keeley Clarke (investors)                                        +44 (0) 7715 769078

                                                                                  tattonpr@belvederepr.com (mailto:tattonpr@belvederepr.com)
 Trade Media Enquiries                                                            +44 (0) 20 7139 1452

 Roddi Vaughan Thomas

 

For more information, please visit: www.tattonassetmanagement.com
(http://www.tattonassetmanagement.com)

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