Disposal
September 15 2003 - 3:01AM
UK Regulatory
RNS Number:7435P
Aberdeen Asset Management PLC
15 September 2003
Aberdeen Asset Management plc: Disposal
Aberdeen Asset Management plc has reached agreement to sell its wholly owned
subsidiary, Asset Value Investors Limited (AVI), to the management of AVI.
Completion, which is subject to regulatory clearance, is expected to take place
on 30th September 2003. The consideration for the sale will be for the retained
earnings of AVI as at 30 September 2003 plus an earn-out representing two thirds
of the post-tax profits for the three years ending 30 September 2004 to 2006.
AVI currently manages a number of funds for institutional clients and follows a
distinctive deep value investment style. Its net assets and pre tax profits for
the last completed financial year to 30 September 2002 were #1.8m and #2.9m,
prior to management bonuses. Consideration proceeds will be utilised within the
remaining Aberdeen Group to reduce borrowings. The transaction will permit
Aberdeen to continue its stated strategy of concentrating on mainstream
activities within its core investment field and divesting non-core activities.
Enquiries:
Gavin Anderson & Company 0207 554 1400
Neil Bennett
Mark Lunn
This information is provided by RNS
The company news service from the London Stock Exchange
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