Ad hoc announcement: GAM Holding AG concludes successful
discussions with NewGAMe
29 August 2023
PRESS RELEASE
Ad hoc announcement pursuant to Art. 53 Listing Rules:
GAM Holding AG concludes successful
discussions with
NewGAMe
GAM Holding AG (“GAM”) Board of Directors (“GAM Board”) has
reached agreement with NewGAMe and Rock Investment SAS ("Rock") to
extend immediate short-term financing of CHF 20 million to cover
GAM’s liquidity needs. Rock is a French-incorporated entity that is
owned by NJJ Holding ("NJJ"), the personal holding company of
Xavier Niel. It is part of the NewGAMe group of investors
consisting of NewGAMe SA and Bruellan SA.
This short-term financing will remain until it is replaced by
the proceeds of a convertible bond to be issued by GAM in an amount
of about CHF 25 million. The creation of the conditional capital
required for the issuance of the convertible bond will be proposed
to GAM shareholders at an extraordinary general meeting (“EGM”)
that will be held on or around 27 September 2023.
At the upcoming EGM, Rock will also propose new directors for
election to the GAM Board. The current GAM Board have agreed that
they will stand down from the GAM Board at the EGM once the new
directors are elected. The current GAM Board recommends to
shareholders to approve the proposed board candidates of
NewGAMe.
NewGAMe has requested that the GAM Board recommend shareholders
to authorize the issuance of new shares at the upcoming EGM, to
enable the contemplated convertible bond and further share
placements. NewGAMe and Rock have confirmed to the current GAM
Board their intention to secure sufficient financial resources to
fund GAM's operations as a going concern. The current GAM Board
welcomes NewGAMe’s ongoing commitment, with a significant
industrial partner such as NJJ among its main shareholders. This
provides welcome stability for clients and other stakeholders over
the longer term.
GAM looks forward to welcoming NewGAMe’s leadership to London
and Zurich to meet employees, including GAM’s portfolio managers
and client facing teams.
The GAM Board will issue the upcoming EGM invitation, including
proposals, as soon as possible.
The GAM Board notes that the Liontrust Asset Management plc
tender offer has been declared unsuccessful.
David Jacob, Chairman of the GAM Holding AG,
said: “I am pleased that we have successfully concluded our
discussions with NewGAMe and entered into financing arrangements.
This provides a clear path forward for GAM and stability for our
clients, employees and all other shareholders. I would like to
thank clients, employees and shareholders for their patience during
the process of securing a strategic outcome for GAM.”
Upcoming events:
19 October
2023 Q3
2023 Interim Statement
For further information please contact:
Charles Naylor
Head of
Communications and Investor RelationsT +44 7890 386 699
Media
Relations Ute
Dehn Christen T +41
58 426 31 36
Visit us: www.gam.comFollow us: Twitter and LinkedIn
GAM
GAM is an independent investment manager that is listed in
Switzerland. Total assets under management were CHF 68 billion as
at 30 June 2023, with Investment Management at CHF 21.9 billion and
Fund Management Services at CHF 46.1 billion. GAM has global
distribution with offices in 14 countries and is geographically
diverse with clients in almost every continent. It has 3,500
clients globally, of which c. 2,700 are based in Europe.
Headquartered in Zurich, GAM Investments was founded in 1983 and
its registered office is at Hardstrasse 201 Zurich, 8037
Switzerland.
Other Important Information
This release contains or may contain statements that constitute
forward-looking statements. Words such as “anticipate”, “believe”,
“expect”, "estimate", "aim", “project”, “forecast”, "risk",
“likely”, “intend”, “outlook”, “should”, “could”, "would", “may”,
“might”, "will", "continue", "plan", "probability", "indicative",
"seek", “target”, “plan” and other similar expressions are intended
to or may identify forward-looking statements.
Any such statements in this release speak only as of the date
hereof and are based on assumptions and contingencies subject to
change without notice, as are statements about market and industry
trends, projections, guidance and estimates. Any forward-looking
statements in this release are not indications, guarantees,
assurances or predictions of future performance and involve known
and unknown risks, uncertainties and other factors, many of which
are beyond the control of the person making such statements, its
affiliates and its and their directors, officers, employees, agents
and advisors and may involve significant elements of subjective
judgement and assumptions as to future events which may or may not
be correct and may cause actual results to differ materially from
those expressed or implied in any such statements. You are strongly
cautioned not to place undue reliance on forward-looking statements
and no person accepts or assumes any liability in connection
therewith.
This release is not a financial product or investment advice, a
recommendation to acquire, exchange or dispose of securities or
accounting, legal or tax advice. It has been prepared without
taking into account the objectives, legal, financial or tax
situation and needs of individuals. Before making an investment
decision, individuals should consider the appropriateness of the
information having regard to their own objectives, legal, financial
and tax situation and needs and seek legal, tax and other advice as
appropriate for their individual needs and jurisdiction.
- 2023 08 29 Ad hoc GAM Holding AG concludes successful
discussions with NewGAMe SA_EN
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