Update on Proposed Acquisition of GAM Holding AG

Liontrust Asset Management PLC

28 July 2023

 

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

LEI: 549300XVXU6S7PLCL855

For immediate release

28 July 2023

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Update on Proposed Acquisition of GAM Holding AG

Liontrust Asset Management Plc ("Liontrust"), the specialist independent fund management group, today issues an update in relation to its recommended public exchange offer for all publicly held registered shares of GAM Holding AG ("GAM") which was announced on 4 May 2023 (the "Proposed Acquisition").

Liontrust announces it is to extend the Main Offer Period¹ for GAM shareholders to tender their shares by a further four Swiss trading days and the Main Offer Period¹ will now close on 4 August 2023 at 16:00 CEST.

The Main Offer Period¹ is being extended to give additional time for Liontrust to engage in constructive discussions with GAM shareholders, including NewGAMe, and allow shareholders to consider the series of additional announcements Liontrust has issued in relation to the Proposed Acquisition. Liontrust has made an offer for the entire issued share capital of GAM that it believes will provide a positive outcome for GAM's shareholders, clients and employees including its investment managers.

The Liontrust offer is based on extensive due diligence, a comprehensive understanding of GAM's financial situation and the fact that, in Liontrust's view, GAM is not viable as a standalone business. The significant cash that is on GAM's balance sheet is not free for the business to use as it wishes but has to be retained as regulatory capital.

Throughout this process, Liontrust has sought to create corporate and financial stability for GAM and do what is, in Liontrust's view, in the best interests of all GAM's shareholders, clients and employees. Liontrust has always believed that its offer and strategy for ensuring the growth of the combined Liontrust/GAM group is the best way to achieve this.

Liontrust has today issued a third update to its Swiss offer prospectus in relation to the Proposed Acquisition formally confirming the matters described above, a copy of which has been published on the website of Liontrust (https://www.liontrust.co.uk/gam-acquisition/documents).

¹ As set out in the Swiss Offer Prospectus that was published on 13 June 2023.

For further information please contact:

Teneo (Tel: [phone], Email: [e-mail])

Tom Murray

Liontrust Asset Management Plc (Tel: [phone], Website: liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

Singer Capital Markets (Tel: [phone])

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

Panmure Gordon (Tel: [phone])

Corporate Broking: David Watkins

Corporate Advisory: Atholl Tweedie

ENDS

 

END