Completion of acquisition

RNS Number : 0631V

AssetCo PLC

05 August 2022

 

5 August 2022

AssetCo plc

("AssetCo" or the "Company")

Completion of the acquisition of Revera Asset Management Limited

On 28 February 2022 AssetCo, the agile asset and wealth management company, announced that it had reached agreement to acquire the entire issued share capital of Revera Asset Management Limited ("Revera") (the "Acquisition") for an effective total consideration of £2.8 million to be satisfied by the issue of 54,639 new ordinary shares of 10p each in the Company and £1.9 million in cash.  The Acquisition was conditional on, inter alia, approval by the FCA to the change in controller of Revera (the "FCA CiC Approval").

AssetCo is pleased to announce that the FCA CiC Approval has been obtained and the Acquisition was duly completed on [5] August 2022 ("Completion").

Prior to Completion, Revera had notified AssetCo that there will be a decline in its Assets under Management ("AuM") resulting from a change in a client's circumstances outside its control. Following these changes it is anticipated that Revera's two funds, SVS Revera UK Dynamic Fund and the Skye Trust, will have approximately £50 million in aggregate in AuM.

In the light of the above AssetCo and the vendors of Revera agreed to reduce the consideration payable under the terms of the Acquisition.  The total consideration is £1.1 million which was payable entirely in cash.

Campbell Fleming, CEO of AssetCo, said:

"The acquisition of Revera is part of our plan to establish an active equity platform offering a range of investment styles and strategies alongside our recently acquired River & Mercantile capabilities to cater for investors' evolving needs. We are confident that the addition of Revera further strengthens our presence in Scotland. We look forward to working with the team and their clients across the UK."

For further information, please contact:

AssetCo plc  Campbell Fleming, CEO Peter McKellar, Deputy Chairman James Thorneley, Head of Communications Tel: [phone]	Numis Securities Limited Nominated adviser and joint broker Giles Rolls / Charles Farquhar Tel: [phone]
Panmure Gordon (UK) Limited Joint broker Charles Leigh-Pemberton / Atholl Tweedie Tel: [phone]	Maitland/AMO Neil Bennett Rachel Cohen Tel: [phone]

For further details, visit the website,  www.assetco.com

Ticker: AIM: ASTO.L

 

END

 

 

ACQGZGGRKKDGZZG