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River & Mercantile Group PLC - London-based advisory and asset management company - Shares suspended from trading on Tuesday at request of company with takeover by AssetCo PLC complete. Shares to be cancelled from trading on London Main Market on Wednesday.
River & Mercantile Chair Jonathan Dawson says: "The board and I are delighted to have completed the sale of River & Mercantile to AssetCo. We are immensely grateful for all the support we have received from colleagues, clients and shareholders. The acquisition represents good value to shareholders and provides the team with a platform to enable them to continue to deliver for clients and to grow."
Martin Gilbert, chair of AssetCo, says: "The acquisition of River & Mercantile is an important milestone for us. It will form the core part of our active equity platform and it brings an infrastructure capability which will be the bedrock of our private markets business. In addition, it further strengthens our balance sheet which, together with the GBP11 million from the B-share capital return, will provide over GBP45 million of cash.
"I'm also pleased that Jonathan is joining our board given his experience and expertise. We are looking forward to working with the highly regarded River & Mercantile team and helping them to continue to deliver for their clients."
Current stock price: 49.40 pence
12-month change: down 77%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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