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: +44 (0) 7785 703523

+44 (0) 20 7614 5900

Arden Partners plc

Nominated adviser and broker

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

Simon Johnson (Corporate Broking)

Tel: +44 (0) 20 7614 5900

TooleyStreet Communications

Fiona Tooley

Email:   fiona@tooleystreet.com

Mobile: +44 (0) 7785 703523

Maitland/amo

(PR adviser to the Investor Group)

Neil Bennett

Rachel Cohen

Tel: +44 (207) 379 5151

 

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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