Tatton Asset Management PLC Completion of Acquisition, Issue of Shares and TVR (9265V)
August 15 2022 - 2:00AM
UK Regulatory
TIDMTAM
RNS Number : 9265V
Tatton Asset Management PLC
15 August 2022
15 August 2022
Tatton Asset Management PLC
("TAM", the "Group", "Tatton" or the "Company")
Completion of Acquisition, Issue of Shares
and Total Voting Rights
Tatton Asset Management plc (AIM: TAM), the investment
management and IFA support services group, is pleased to confirm
that, further to the announcement of the 20 April 2022, the Group
completed the acquisition of 50% of the share capital of 8AM Global
Limited ("8AM"), having received regulatory approval
("Completion").
As previously announced TAM has agreed to acquire 50% of the
issued share capital of 8AM Global Limited ("8AM") for a total
consideration of GBP7.0 million (the "Consideration"), with an
option to acquire a further 50% in due course.
THE ACQUISITION
8AM is an investment manager primarily focussed on delivering
risk-profiled model portfolios ("MPS") and a small range of
multi-manager funds. Their model portfolios and funds will
complement TAM's existing proposition, further demonstrating our
commitment to supporting financial advisers in delivering low-cost
investment management and enhancing IFA client outcomes. The
proposed acquisition will provide our IFAs' clients access to an
extended range of risk profiled investments utilising 8AM's
experience, investment style and approach. Post completion 8AM's
AUM is expected to be at least GBP0.8 billion and it is anticipated
to generate adjusted operating profit of GBP0.7m in its first full
year of ownership.
ISSUE OF SHARES
As outlined in the announcement dated 20 April 2022, 50% of the
Consideration is payable through the issue of shares in Tatton. The
share consideration will be satisfied by the issue of new 877,737
ordinary shares of GBP0.20 each ("Ordinary Shares")(the
"Consideration Shares"). The Consideration Shares will be issued at
a price of GBP3.9891, representing a 5% discount to the average
volume weighted average share price for the five days ended 11
August 2022, which was the last practicable date prior to
Completion.
TOTAL VOTING RIGHTS
The Consideration Shares will rank pari passu in all respects
with the existing Ordinary Shares in issue at the time such shares
are issued. Application has been made for the newly issued shares
to be admitted to trading on AIM, and admission is expected to take
place on 17 August 2022 ("Admission"). Following Admission, the
Company's issued share capital will consist of 59,842,624 ordinary
shares. There are no ordinary shares held in treasury. Therefore,
following Admission, this figure of 59,842,624 should be used by
shareholders as the denominator for the calculation by which they
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.
Commenting on the Proposed Acquisition, Paul Hogarth, Chief
Executive Officer, said:
"I am delighted to announce the completion of the acquisition of
50% of the share capital of 8AM Global Limited, an ambitious and
growing DFM MPS business. The business complements TAM's existing
core MPS offering which has continued to see strong net inflows
over the first four months of this financial year. 8AM brings with
it an experienced and motivated management team who are well known
to us and culturally aligned to the values of the Group. We are
very much looking forward to working with them.
For further information please contact:
Tatton Asset Management PLC
Paul Hogarth (Chief Executive Officer)
Paul Edwards (Chief Financial Officer)
Lothar Mentel (Chief Investment Officer) +44 (0) 161 486 3441
Zeus - Nomad and Broker
Martin Green
Dan Bate +44 (0) 20 3829 5000
Singer Capital Markets- Joint Broker
Peter Steel, Rachel Hayes (Investment
Banking) +44 (0) 20 7496 3000
Belvedere Communications - Financial
PR +44 (0) 7407 023147
John West / Llew Angus (media) + 44 (0) 7715 769078
Cat Valentine / Keeley Clarke (investors) tattonpr@belvederepr.com
Trade Media Enquiries
Roddi Vaughan Thomas +44 (0) 20 7139 1452
For more information, please visit:
www.tattonassetmanagement.com
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