Finalisation of Pax acquisition, Issue of Equity
Impax Asset Management Group plc
("Impax" or the "Company")
Finalisation of Pax acquisition, Issue of Equity
Impax, the AIM listed specialist investor focused on a more sustainable economy, today announces the finalisation of its acquisition of Pax World Management LLC (now known as Impax Asset Management LLC). As agreed in the terms of the acquisition, which were announced on 18 September 2017, Impax has now acquired the remaining 16.7% of the New Hampshire-based business not previously held by the Company from members of the management team in cash and shares, for a total consideration, net of loans, of US$3.0 million.
In connection with this, Impax announces the issue and allotment of 181,467 ordinary shares of 1 pence each in the Company ("Ordinary Shares") to those members of the Impax Asset Management LLC management team that elected to receive Ordinary Shares for part or all of their consideration.
Contingent consideration payments of $270,000 will be made in cash later in February to the previous shareholders and management as relevant assets under management of the Pax World funds reached an average of US$5.52 billion over three measurement dates[1], growing to US$6.6 billion at 31 December 2020, up from $4.9 billion in January 2018.
Ian Simm, Chief Executive, commented:
"Since our acquisition of Pax World Management LLC three years ago, the combined team has successfully integrated the two businesses and delivered significant growth. Impax's business in North America is well placed for further expansion as clients seek to increase their exposure to the transition to a more sustainable economy."
EBT share issuance
Separately, Impax announces the issue and allotment of 2,000,000 Ordinary Shares to the Impax Asset Management Group Plc Employee Benefit Trust 2012 to satisfy awards made and to be made under the Company's employee share schemes.
Total voting rights
Application has been made to the London Stock Exchange for the 2,181,467 Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur at 8.00 a.m. on 16 February 2021. The Ordinary Shares will rank pari passu with the existing ordinary shares in the Company.
Following Admission, the Company's enlarged issued Ordinary Share Capital and total number of voting rights will be 132,596,554 Ordinary Shares. The Company does not hold any shares in treasury.
The above figure of 132,596,554 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
[1] 30 June 2020; 30 September 2020; 31 December 2020
LEI number: 213800AJDNW4S2B7E680
- Ends -
Enquiries:
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Impax Asset Management Group plc Ian Simm, Chief Executive Paul French, Director of Communications
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+44 (0)20 3912 3000 +44 (0)20 3912 3032 |
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Montfort Communications Gay Collins Louis Supple
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+44 (0)77 9862 6282 +44 (0)77 3943 0102 |
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Peel Hunt LLP, Nominated Adviser James Britton or Rishi Shah |
+44 (0)20 7418 8900 |
Notes to Editors - About Impax Asset Management
Impax Asset Management manages or advises on both listed and private markets strategies. The Company's investments are based on the strong conviction that population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will profoundly shape global markets, creating investment risks and opportunities. Impax expects that these trends, reflecting the transition towards a more sustainable global economy, will drive earnings growth for well-positioned companies. Impax's proprietary investment framework identifies and calibrates the rising risks and expanding opportunities from this transition and guides the search for investments that will deliver long term outperformance.
For further information please visit www.impaxam.com .
Issued in the UK by Impax Asset Management Group plc, whose shares are quoted on the Alternative Investment Market of the London Stock Exchange. Impax Asset Management Group plc is registered in England & Wales, number 03262305. AUM relates to Impax Asset Management Limited, Impax Asset Management (AIFM) Limited and Impax Asset Management LLC. Impax Asset Management Limited and Impax Asset Management (AIFM) Limited are authorised and regulated by the Financial Conduct Authority and are wholly owned subsidiaries of Impax Asset Management Group plc. Please note that the information provided and links from it should not be relied upon for investment purposes.
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