Acquisition of 29.8% shareholding

RNS Number : 1555L

AssetCo PLC

11 January 2021

 

11 January 2021

AssetCo plc

("AssetCo" or the "Company")

Martin Gilbert and concert party acquire a 29.8% shareholding

Intention for Martin Gilbert and Peter McKellar to join the Board of AssetCo

AssetCo plc announces that Martin Gilbert, Peter McKellar, various associates and funds managed by Toscafund Asset Management, a multi asset fund manager, (together, the "Investor Group") have, in aggregate, acquired a minority stake of 29.8% of the issued share capital of the Company at 475 pence per share, which is approximately the estimated net asset value per share, from a number of institutional shareholders and the Board. Below is a table showing the resultant holding of Harwood Capital Management (by virtue of its association with Christopher Mills), Cadoc Limited (by virtue of its association with Tudor Davies) and members of the concert party.

Shareholder	No. of shares held pre the transaction	% of issued share capital pre the transaction	Shares Purchased / (sold)	No. of shares held post the transaction	% of issued share capital post the transaction
Harwood Capital Management	2,952,893	45%	(1,252,893)	1,700,000	26.0%
Cadoc Limited	427,361	7%	(227,361)	200,000	3.1%
Martin Gilbert	-	-	650,000	650,000	9.9%
Peter McKellar	-	-	225,000	225,000	3.4%
ToscaFund Asset Management	-		800,000	800,000	12.2%
Various associates			275,000	275,000	4.2%

Following receipt of the necessary regulatory approvals, it is expected that Martin Gilbert and Peter McKellar will join the Board as non-executive directors of the Company. Tudor Davies, Christopher Mills and Mark Butcher will remain as directors of the Company. The existing strategy of the business will remain and the Board, when enlarged, will pursue additional investment opportunities, particularly in the financial services sector.

Tudor Davies commented , "We are delighted to welcome Martin Gilbert, Peter McKellar and Toscafund Asset Management as major shareholders in the Company. We look forward to working closely with them to create value for all the AssetCo shareholders by continuing with the current strategy and assessing other opportunities as they arise."

Martin Gilbert commented , "We believe that the next few years will see significant investment opportunities in the financial services sector as some of the pressures that the industry faces from regulation, fee pressure, technology and changing client preferences force further, and arguably a faster pace of change. We believe that AssetCo can be a platform to make strategic investments across the sector and to bring active management to such opportunities."

Enquiries:

AssetCo plc

Tudor Davies, Chairman

Tel: [phone]

[phone]

Arden Partners plc

Nominated adviser and broker

John Llewellyn-Lloyd / Dan Gee-Summons / Nick Wright (Corporate Finance)

Simon Johnson (Corporate Broking)

Tel: [phone]

TooleyStreet Communications

Fiona Tooley

Email:   [e-mail]

Mobile: [phone]

Maitland/amo

(PR adviser to the Investor Group)

Neil Bennett

Rachel Cohen

Tel: [phone]

The notifications below are made in accordance with the requirements of the EU regulation on market abuse.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	a.  Cadoc Ltd by virtue of its association with Tudor Davies b.  Harwood Capital limited by virtue of its association with Christopher Mills
2	Reason for the notification
a)	Position/status	a.  Chairman b.  Non-executive director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AssetCo Plc
b)	LEI	213800LFMHKVNTZ7GV45
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each GB00B42VYZ16
b)	Nature of the transaction	Sale of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) a. £4.75 227,361 b. £4.75 1,252,893
d)	Aggregated information	N/A
e)	Date of the transaction	8 January 2021
f)	Place of the transaction	London Stock Exchange, AIM

 

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