REG - AssetCo PLC - Issue of Equity

AssetcoAnnouncement

30/01/2024 07:00

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RNS Number : 3497B  AssetCo PLC  30 January 2024

30 January 2024

LEI: 213800LFMHKVNTZ7GV45

 

For Immediate Release

AssetCo plc

("AssetCo" or the "Company")

Payment of Deferred Consideration for Ocean Dial Asset Management Limited

 

AssetCo (AIM: ASTO), the agile asset and wealth management company, is pleased
to confirm that it has today settled the deferred consideration due in respect
of its acquisition of the entire issued share capital of Ocean Dial Asset
Management Limited (the "Acquisition") from Avendus Capital Asset Management
(UK) Limited. This follows the satisfaction of the conditions set in the Sale
and Purchase Agreement pursuant to the Acquisition and, in particular,
completion of a liquidity redemption event by Ocean Dial's client, the India
Capital Growth Fund Limited.

The deferred consideration of £1.0m has been satisfied by the delivery of
1,464,129 ordinary shares of £0.01 each in the capital of the Company
("Ordinary Shares") as previewed in our announcement of 2 October 2023.

The deferred consideration shares have been issued at an agreed issue price of
68.3p per share and will be satisfied out of Treasury. Following the transfer,
AssetCo has 5,354,770 ordinary shares remaining in treasury.

The Company announces in accordance with DTR 5.6.1 that, as at 2 October 2023
and following the transfer, the Company's issued share capital consists of
149,292,970 Ordinary Shares of which 5,354,770 are held in treasury. The total
number of voting rights attaching to the Ordinary Shares is therefore
143,938,200.

The above figure (143,938,200) may be used by shareholders as the denominator
for any calculation pursuant to which they determine if they are required to
notify their interest in, or a change to their interest in, the Company's
Ordinary Shares under the FCA's Disclosure Guidance and Transparency Rules.

About Ocean Dial Asset Management

Ocean Dial's current business is the management of the assets of the India
Capital Growth Fund Limited, which, following a recent liquidity redemption
event, had a net asset value ("NAV") of c.£146m as at 29 January 2024,
generating an annualised run rate revenue for Ocean Dial of around £1.9m pa.
The fund has been successfully advised for several years by Gaurav Narain and
his team based in India and UK and is currently (as at 29 January) trading at
a premium of over 2% to NAV.

For further information, please contact:

 AssetCo plc                       Deutsche Numis

 Gary Marshall, CFOO               Nominated adviser and joint broker

 Peter McKellar, Deputy Chairman   Giles Rolls / Charles Farquhar

 Tel: +44 (0) 7788 338157          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 2500         Tel: +44 (0) 20 7379 55151

For further details, visit the website, www.assetco.com
(http://www.assetco.com)

Ticker: AIM: ASTO.L

 

 

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