AssetCo PLC FCA approve acquisition of Ocean Dial by AssetCo (2704J)
15 August 2023 - 4:00PM
UK Regulatory
TIDMASTO
RNS Number : 2704J
AssetCo PLC
15 August 2023
15 August 2023
LEI: 213800LFMHKVNTZ7GV45
For Immediate Release
AssetCo plc
("AssetCo" or the "Company")
FCA approve acquisition of Ocean Dial Asset Management Limited
by AssetCo
AssetCo (AIM: ASTO), the agile asset and wealth management
company, is pleased to announce that the Financial Conduct
Authority has approved AssetCo's change in control application.
This enables AssetCo to proceed with its acquisition of Ocean Dial
Asset Management Limited from Avendus Capital Asset Management (UK)
Limited, once Indian regulatory approvals have been obtained. The
requisite clearances from the Indian regulators are at an advanced
stage.
Further information on the acquisition and on Ocean Dial was set
out in AssetCo's announcement of the transaction on 6 March 2023.
The consideration for the acquisition is GBP4.125m (subject to
possible adjustments) to be satisfied by the issue of 2,928,258
ordinary shares of GBP0.01 each in the capital of the Company, and
GBP2.125m in cash. The acquisition is expected to be earnings
enhancing for the Group and provides that the economic interest in
the Ocean Dial business accrues to AssetCo from the date of FCA
approval.
Ocean Dial manages the assets of the India Capital Growth Fund
Limited, which, as at end July 2023, had a net asset value in
excess of GBP150m generating an annualised run rate revenue for the
manager of around GBP1.8m. The Fund has been successfully advised
for several years by Gaurav Narain and team, based in India, who
will be joining the AssetCo Group on completion. They have
delivered excellent performance with the fund out-performing its
benchmark by some 7% over the last year (to end July 2023).
Martin Gilbert, Chairman of AssetCo, commented:
"The approval of the FCA is a significant step forwards and
brings us closer to completing our acquisition of Ocean Dial, which
will broaden and strengthen our equity management capability. We
are delighted to celebrate that progress on Independence Day for
India, recognising that we await final approval from the Indian
regulators. India is making significant progress and its economy
has the potential to match or even overtake those of the US and
China in the longer term. The country is home to some market
leading companies and a remarkable pool of talent. We are excited
to be one step closer to being able to complete our acquisition of
Ocean Dial."
For further information, please contact:
AssetCo plc Numis Securities Limited
Gary Marshall, CFOO Nominated adviser and joint
Peter McKellar, Deputy Chairman broker
Tel: +44 (0) 7788 338157 Giles Rolls / Charles Farquhar
Tel: +44 (0) 20 7260 1000
Panmure Gordon (UK) Limited H/ Advisors Maitland
Joint broker Neil Bennett
Atholl Tweedie Rachel Cohen
Tel: +44 (0) 20 7886 2906 Tel: +44 (0) 20 7379 55151
For further details, visit the website, www.assetco.com
Ticker: AIM: ASTO.L
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END
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