By Ian Walker

 

Ince Group PLC said Monday that the loss of Arden Partners PLC's nominated adviser status following a change of control doesn't affect its ability to raise money and provide other broking and advisory services, and that the rationale for the merger fundamentally remains unchanged.

The legal-and-professional-services company said Arden will seek court approval for the program of arrangement, and also approach the Financial Conduct Authority for an extension to the change-of-control approval, which is needed for the deal to be completed.

Arden in October agreed to a 10 million pound ($13 million) all-share takeover by Ince. A condition of the deal was that the company retained its nominated adviser status upon change of control.

On Thursday, the companies said Arden's nominated adviser status had been rejected by the London Stock Exchange.

"Although this is a significant change, the board of Ince believes that Arden's reputation is primarily built around its ability to raise money for its clients and provide other broking and advisory services, and therefore the loss of its nominated adviser license should not materially impact Arden's brand and ability to engage new clients nor its ability to provide fund raising and corporate broking services," Ince said Monday.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

April 11, 2022 03:15 ET (07:15 GMT)

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