TIDMLIO
RNS Number : 2725K
Liontrust Asset Management PLC
24 August 2023
THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION
CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR RELEASE,
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FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
LEI: 549300XVXU6S7PLCL855
For immediate release
24 August 2023
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Provisional Notice of the Interim Result of Liontrust's Offer
for GAM Holding AG
Liontrust Asset Management Plc ("Liontrust"), the specialist
independent fund management group, today issues the provisional
notice of the interim result in relation to its recommended public
exchange offer (the "Offer") for all publicly held registered
shares of GAM Holding AG ("GAM") which was published on 13 June
2023.
Liontrust announces that as of the end of the extended Main
Offer Period(1) on 23 August 2023, 16:00 CEST ("Extended Main Offer
Period"), and based on preliminary figures, a total of 53,250,357
GAM Shares were tendered into the Offer until the end of the
Extended Main Offer Period, corresponding to 33.45% of the GAM
Shares to which the Offer extends as of the end of the Extended
Main Offer Period. Based on the provisional interim result as
outlined herein, the Offer Condition on the minimum acceptance
level(1) of the Offer is not satisfied. Unless the definitive
interim result deviates from the provisional interim result as
outlined herein so that the Offer Condition on the minimum
acceptance level(1) of the Offer is satisfied, Liontrust currently
expects to declare the Offer unsuccessful on 29 August 2023.
John Ions, Chief Executive of Liontrust, said: "Liontrust made a
full and fair offer for GAM, which reflected the financial reality
of the business and would have provided a certain and sustainable
solution.
" Throughout this process, Liontrust has sought to create
corporate and financial stability for GAM and do what is in the
best interests of its shareholders, clients and employees. We have
always believed that Liontrust's offer and strategy for ensuring
the growth of the combined group is the best way to achieve
this.
"We were impressed by the quality, dedication and
professionalism of everyone we met at GAM including the investment
managers and distribution teams around the world. We wanted to give
this talent the platform to flourish and were excited by the
fantastic potential for growing the combined businesses through
providing the investment managers with the necessary profile and
enhancing support for distribution.
"We are disappointed we did not win the support of the majority
of GAM's shareholders and are grateful to those GAM and Liontrust
shareholders who did back our offer. We also thank everyone at GAM
for working so hard to make our Offer succeed.
"We hope that GAM is able to achieve a positive outcome for the
business.
"GAM presented the opportunity to accelerate Liontrust's
strategic objectives. While this is not the result we wanted, o ur
strategy will not change, with a continued focus on expanding
distribution and the client base, diversifying the product range,
attracting talent and enhancing the investor experience.
"The financial health of the Liontrust business, power of our
brand, excellent investment teams and strength of sales and
marketing gives me great confidence we will achieve these
objectives."
Exceptional costs
Although a proportion of the projected costs associated with the
Offer were negotiated on a contingent basis so will not now be
incurred, the Offer will result in a one-off exceptional charge of
not more than GBP11 million (approximately GBP2 million of which
was incurred in the financial year ended 31 March 2023). These fees
and costs relate primarily to corporate finance, extended legal
expenses incurred in multiple jurisdictions as well as accountancy
services and the provision of third-party due diligence.
Dividend
Liontrust's longstanding progressive dividend policy remains
unchanged; for the financial year ending 31 March 2024 the
Directors will continue to target a dividend of at least 72 pence
per share. Thereafter, the intention remains to grow the dividend
in line with our view of the underlying Adjusted diluted earnings
per share (excluding performance fees) and cash flow generation.
The Directors fully recognise the importance of this dividend
policy to our shareholders, which is underpinned by the cash
generative nature of our core business.
(1) As set out in the Swiss Offer Prospectus that was published
on 13 June 2023.
For further information please contact:
Teneo (Tel: 020 7353 4200, Email: liontrust@teneo.com)
Tom Murray
Liontrust Asset Management Plc (Tel: 020 7412 1700, 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
Alantra Corporate Finance LLP (Tel: 020 7246 0500)
Lead Financial Adviser
JP McGrath, Jake Delaney, André Chetty
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Tom Salvesen
Corporate Finance: Justin McKeegan
Panmure Gordon (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
ENDS
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