Further shares acquired in R&M and Strategy Update

RNS Number : 2321O

AssetCo PLC

08 February 2021

 

8 February 2021

AssetCo plc

("AssetCo" or the "Company")

Further Acquisition of a stake in River and Mercantile Group Plc and

Update on Strategy

AssetCo plc announces that on 5 February it acquired an additional 2,500,000 ordinary shares in River and Mercantile Group Plc (the "Investment"), an asset management business, at £2.28 per share representing a premium of 2.2 per cent to the closing share price of £2.23 on 4 February 2021, the last practical date prior to the Investment.  The consideration for the Investment totalling £5.7 million is being paid out of cash.  AssetCo now holds in aggregate 5,000,000 ordinary shares in River and Mercantile Group Plc representing 5.85 per cent of the issued share capital of River and Mercantile Group Plc.

Update on Strategy

The Board now intends to change its business strategy to the development of an asset and wealth management business.  As a result, this will be a fundamental change of business and the Company will effect a readmission of its shares pursuant to AIM Rule 14.  The Board is committed to completing the readmission process within three months and will provide further updates to shareholders in due course.

Enquiries:

AssetCo plc

Tudor Davies, Chairman

Tel: [phone]

[phone]

Arden Partners plc

Nominated adviser and broker

John Llewellyn-Lloyd / Dan Gee-Summons / Nick Wright

Tel: [phone]

TooleyStreet Communications

Fiona Tooley

Email:   [e-mail]  

Mobile: [phone]

maitland/amo

Neil Bennett

Rachel Cohen

Tel: [phone]

 

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