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Pin to quick picksAssetco Share News (ASTO)

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AssetCo Revenue Halved As Abu Dhabi Fire Service Contract Ends

Thu, 20th Jun 2019 11:42

(Alliance News) - AssetCo PLC on Thursday said its first half revenue fell sharply after conclusion of fire services contract with the Abu Dhabi government.

AssetCo, which provides resources and management to fire and emergency services in the Middle East, posted GBP362,000 pretax profit for the six months ended March 31, 22% below its GBP464,000 profit the year before. Revenue halved to GBP5.2 million from GBP11.2 million.

"The reduced revenue results from the cessation of our fire services to the Abu Dhabi government," said AssetCo Chair Tudor Davies.

AssetCo stopped providing these services in December 2018. Davies said a number of its remaining 229 staff members, cut from 242 when the fire services contract ended, are currently tendering for new business in the United Arab Emirates.

"We are encouraged by the opportunities that have arisen and have been involved in work proposals across several sectors; however, at this stage it is too early to assess the timing and potential from these sources," said Davies.

AssetCo made a claim for negligence against its former auditors, Grant Thornton, and received a favourable judgement. Initially, permission to appeal was denied but Grant Thornton successfully applied to the Court of Appeal and the appeal will be heard near the end of January 2020. AssetCo was awarded GBP22.4 million of damages plus interest.

"We shall keep shareholders informed of any developments regarding Grant Thornton's appeal and on the further development and opportunities we have with our business in UAE," the chair said.

Shares in AssetCo were untraded at 275.00 pence on late Thursday morning.

More News
18 Mar 2024 12:26

AssetCo shares down as annual loss widens, but managed assets rise

(Alliance News) - AssetCo PLC on Monday reported significantly higher administrative costs and a plunge in finance income in its recent financial year, which together more than offset a surge in revenue.

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15 Dec 2023 12:23

IN BRIEF: Hipgnosis Songs Fund adds Harwood founder Mills to board

Hipgnosis Songs Fund Ltd - London-based music intellectual property rights investor - Hires Christopher Mills, the founder of Harwood Capital Management and co-founder JO Hambro Capital Management, as an independent non-executive director, starting Friday. Mills currently is chief executive officer and investment manager of North Atlantic Smaller Cos Investment Trust PLC, and is on the boards of MJ Gleeson PLC, AssetCo PLC, and Oryx International Growth Fund Ltd. Mills holds no shares in Hipgnosis.

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30 Oct 2023 10:46

Princess Private Equity appoints Peter McKellar as non-executive chair

(Alliance News) - Princess Private Equity Holding Ltd on Monday said Peter McKellar will join the company as non-executive chair from November 23.

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6 Oct 2023 15:16

AssetCo agrees to transfer interest in RMI to its managing partner

(Sharecast News) - AssetCo and its fully-owned subsidiary River & Mercantile Holdings announced an agreement on Friday to transfer its corporate partnership interest in River and Mercantile Infrastructure Income Fund's investment adviser, RMI, to a partnership within RMI helmed by managing partner Ian Berry.

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6 Oct 2023 12:02

AssetCo to sell stake in River & Mercantile Infrastructure for GBP1

(Alliance News) - AssetCo PLC, and its wholly-owned subsidiary River & Mercantile Holdings Ltd, on Friday announced they have reached an agreement in principle to sell their interest in River & Mercantile Infrastructure LLP.

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2 Oct 2023 10:41

AssetCo buys Ocean Dial for 1.5 million shares and GBP2.5 million cash

(Alliance News) - AssetCo PLC on Monday said that it has bought Ocean Dial Asset Management Ltd from Avendus Capital Asset Management (UK) Ltd, following clearances from regulators.

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2 Oct 2023 10:26

AssetCo acquires Ocean Dial Asset Management

(Sharecast News) - Wealth management firm AssetCo has now acquired Ocean Dial Asset Management from Avendus Capital following confirmation of relevant clearances from the FCA and Indian regulators.

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20 Sep 2023 18:25

IN BRIEF: AssetCo sells its 70% interest in Rize ETF; hails Parmenion

AssetCo PLC - London-based asset management fund - Sells 70% stake in specialist thematic ETF issuer Rize ETF Ltd to ARK Invest LLC for an upfront payment of GBP2.6 million, a deferred payment of GBP2.6 million and an earn out provision, capped at GBP5.3 million, which will operate over 5 years. "The sale agreement accelerates the delivery of the potential of this fundamentally attractive business. Rize will become the hub for ARK's expansion into Europe and AssetCo is delighted to be aligned with ARK's and Rize's future success, both through the mechanism of the earn out agreement and the on-going ETF partnership," AssetCo says. Further, notes media reports about the value of its 30% equity interest in Parmenion that it bought for GBP20.6 million in October 2021. Parmenion "has traded strongly in terms of assets under management," AssetCo says. Adds that its equity interest in Parmenion has a current value of between GBP75 million and GBP90 million.

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16 Aug 2023 22:23

PRESS: Premier Miton Group held R&M deal talks with AssetCo

(Alliance News) - Premier Miton Group PLC held talks with AssetCo to acquire parts of the River & Mercantile business, though discussions stalled, Sky News reported on Wednesday.

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15 Aug 2023 12:46

AssetCo gets FCA go-ahead for Ocean Dial acquisition

(Sharecast News) - Asset and wealth manager AssetCo has received approval from the Financial Conduct Authority (FCA) for its change in control application, it announced on Tuesday, paving the way for its planned acquisition of Ocean Dial Asset Management from Avendus Capital Asset Management UK.

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15 Aug 2023 10:49

AssetCo notes UK FCA approval for GBP4.1 million acquisition

(Alliance News) - AssetCo PLC on Tuesday said the UK Financial Conduct Authority approved its planned GBP4.1 million acquisition of Ocean Dial Asset Management Ltd.

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20 Jun 2023 17:10

IN BRIEF: AssetCo says CEO to leave after "extremely demanding" period

AssetCo PLC - London-based asset management fund - Says Chief Executive Officer Campbell Fleming has decided to step down for personal reasons, effective June 30. Campbell oversaw AssetCo's formation, as well as multiple acquisitions. AssetCo will not replace Campbell directly; instead, Executive Chair Martin Gilbert and Chief Financial & Operating Officer Gary Marshall will assume its overall strategic direction and day-to-day operations, respectively. Alex Hoctor-Duncan, CEO of AssetCo's principal operating company and 2022 acquisition River & Mercantile Group PLC, also will continue taking on additional responsibilities.

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14 Jun 2023 10:50

AssetCo interim loss widens on added expenses; behind in asset growth

(Alliance News) - AssetCo PLC on Wednesday said its half year loss widened as expenses grew, but saw revenue multiply.

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4 Apr 2023 09:38

LONDON BROKER RATINGS: JPMorgan raises Auto Trader to 'neutral'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

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23 Mar 2023 15:47

UK shareholder meetings calendar - next 7 days

Friday 24 March 
Faron Pharmaceuticals LtdAGM
In The Style Group PLCGM re sale of only subsidiary; becoming cash shell named Itsum PLC
Kitwave Group PLCAGM
Midatech Pharma PLCGM re cancellation of the admission to trading on AIM and name change
Quartix Technologies PLCAGM
SME Credit Realisation Fund LtdEGM re cancellation of the company's listing
Monday 27 March 
Let's Explore Group PLCGM re off-market purchase of the Company's ordinary shares 
Oncimmune Holdings PLCGM re directors' remuneration
Tuesday 28 March 
Autins Group PLCAGM
Cindrigo Holdings LtdAGM
Ground Rents Income Fund PLCAGM
Wednesday 29 March 
Various Eateries PLCAGM
Versarien PLCAGM
Thursday 30 March 
AssetCo PLCAGM
Melrose Industries PLCGM re proposed demerger of Dowlais Group
Nexus Infrastructure PLCAGM
Oxford BioDynamics PLCAGM
Pantheon Infrastructure PLCAGM
Polar Capital Holdings PLCAGM
Power Metal Resources PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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