Deferred Consideration - Northern VCT Contracts
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RNS |
26 January 2023 |
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Deferred Consideration - Northern VCT Contracts
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.1.4billion of assets under management, announces that the final deferred consideration payable in respect of the acquisition of the venture capital trust ("VCT") fund management business from NVM Private Equity LLP, details of which were originally announced on 3 December 2019, has become payable.
The triggers for payment of the final deferred consideration of £2.1million, to be settled by the issue of new Ordinary Shares in Mercia ("Deferred Consideration Shares") were: (i) fund management fee income equalling at least £16.0million and (ii) proceeds from new Northern VCT share issues equalling at least £60.0million, during the three-year period to 23 December 2022. Both targets were exceeded, which is a positive outcome for Mercia.
The deferred consideration will be settled in accordance with the previously announced terms, by the issue of 6,471,495 new Deferred Consideration Shares at a value of 32.45 pence per share, which is the average closing mid-market price for the five dealing days immediately preceding 26 January 2023. Application has been made for the Deferred Consideration Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission") and it is expected that Admission will become effective on 31 January 2023.
Following Admission, the Company will have 446,581,202 Ordinary shares in issue. This figure may be used as the denominator for the calculations by which shareholders will determine if they are required to notify their interest in, or a change to their, shareholding in Mercia under the FCA's Disclosure Guidance and Transparency Rules.
-Ends-
For further information, please contact:
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Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer
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+44 (0)330 223 1430
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Canaccord Genuity Limited (NOMAD and Joint Broker) |
+44 (0)20 7523 8000 |
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Simon Bridges, Emma Gabriel |
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Singer Capital Markets (Joint Broker) |
+44 (0)20 7496 3000 |
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Harry Gooden, James Moat |
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FTI Consulting |
+44 (0)20 3727 1051 |
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Tom Blackwell, Immy Ransom |
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mercia@fticonsulting.com |
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, university partnerships and extensive personal networks, providing it with access to high-quality deal flow.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
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