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SMALL-CAP WINNERS & LOSERS: R&M-AssetCo deal gets FCA green light
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Share Price Information for Assetco (ASTO)
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Share Price:
35.50
Bid:
35.00
Ask:
36.00
Change:
0.00 (0.00%)
Spread:
1.00 (2.857%)
Open:
35.50
High:
35.50
Low:
35.50
Prev. Close:
35.50
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Don't have an account? Click here to register.Creditors form queue as AssetCo rejects bid
Mon, 14th Mar 2011 08:32
Cash-strapped outsourced fire services provider AssetCo has rejected an "opportunistic" approach from a third party interested in taking over the company.In response to press speculation the company confirmed that talks have been taking place with the third party on an intermittent basis for several months.The company established a committee of independent directors to oversee the negotiations. The committee has decided that recommending the indicated bid price, which is at a discount to the current market price, would not be in the interests of the company's shareholders. Bid talks have now been terminated, leaving the company to concentrate on sorting out its funding difficulties.The company announced it has entered into a short-term loan facility of £1.45m with its principle banker to meet certain critical payments that need to be made before it received the funds from its proposed £16m placing, announced on 3 March. News of the placing, which is due to be ratified at a general meeting on 21 March, has encouraged a queue of creditors anxious to get paid more quickly than usual. As a result the trade creditor balance at the end of March will be lower than on a normalised basis, although some key creditors will be required to remain on gradual repayment terms, the company said. In addition, the company will need to use some of the proceeds from the placing to reduce the level of recourse debt on the company's balance sheet. AssetCo is in negotiations concerning a suitable level of ongoing working capital facility.
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6 Apr 2022 15:53
UK shareholder meetings calendar - next 7 days
| Thursday 7 April | |
| RM PLC | AGM |
| Friday 8 April | |
| Path Investments PLC | GM re DG Innovate purchase and name change |
| Rio Tinto PLC | AGM |
| Monday 11 April | |
| MC Mining Ltd | EGM |
| Gore Street Energy Storage Fund PLC | GM re investment and dividend policy |
| TruFin PLC | GM re equity raise |
| Tuesday 12 April | |
| abrdn China Investment Co Ltd | AGM |
| Phoenix Copper Ltd | AGM |
| Wednesday 13 April | |
| AssetCo PLC | GM re River & Mercantile reverse takeover |
| DP Eurasia NV | EGM re takeover protection |
| Smith & Nephew PLC | AGM |
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25 Mar 2022 13:28
IN BRIEF: River & Mercantile widens half-year loss, ups revenue
River & Mercantile Group PLC - London-based advisory and asset management company - More than doubles its loss in the first half of its 2022 financial year. It posts a loss of GBP13.4 million for the half-year ending on December 31, widening from GBP6.0 million a year ago. Revenue grows 4.2% to GBP13.5 million from GBP12.9 million. As previously reported, subject to shareholders' approval and change of control permission being granted by the Financial Conduct Authority, River & Mercantile will soon be part of AssetCo PLC, Chair Jonathan Dawson says.
Read more4 Mar 2022 20:53
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TRADING UPDATES: Annual profit hikes for AssetCo and TBC Bank
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
Read more18 Feb 2022 14:44
AssetCo performa well as it plans River and Mercantile takeover
(Sharecast News) - Asset and wealth management company AssetCo reported £9.6bn in assets under management in its preliminary results on Friday, up from nil year-on-year.
Read more1 Feb 2022 11:47
River & Mercantile completes sale of solutions arm to Schroders
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River & Mercantile agrees to GBP99 million AssetCo takeover
River & Mercantile agrees to GBP99 million AssetCo takeover
Read more25 Jan 2022 14:28
UPDATE 2-Acquisition vehicle AssetCo to buy UK investment firm River & Mercantile
(Adds RMG's sale of U.S. Solutions business, updates share move)Jan 25 (Reuters) - UK-based acquisition vehicle AssetCo said on Tuesday it will buy investment and consulting firm River & Mercantile Group (RMG), in a deal, which along with a plann...
Read more25 Jan 2022 14:28
UPDATE 1-Acquisition vehicle AssetCo to buy UK investment firm River & Mercantile
(Adds detail, chairman comment, shares)Jan 25 (Reuters) - UK-based acquisition vehicle AssetCo said on Tuesday it will buy investment and consulting firm River & Mercantile Group (RMG), in a deal, which along with a planned capital return, will va...
Read more25 Jan 2022 12:45
AssetCo to buy River and Mercantile in £98.8m deal
(Sharecast News) - Acquisitions vehicle AssetCo has agreed to buy asset management firm River and Mercantile in an all-share £98.8m deal.
Read more24 Jan 2022 19:04
PRESS: AssetCo close to agreeing deal to buy River & Mercantile
PRESS: AssetCo close to agreeing deal to buy River & Mercantile
Read more18 Jan 2022 14:51
IN BRIEF: River & Mercantile extends deadline for AssetCo offer
IN BRIEF: River & Mercantile extends deadline for AssetCo offer
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