(Alliance News) - Miton Group PLC on Wednesday said its shareholders backed the company's potential all-share merger with peer Premier Asset Management Group PLC.
The merger was approved by shareholders at a both court meeting and general meeting, Miton explained.
The transaction, which would create a business with assets of over GBP11 billion, was first announced in September.
Under the terms of the deal, Miton shareholders will get 0.30186 Premier Asset Management shares per Miton share. Shareholders will also get a special dividend as part of the deal.
Following the merger, Miton shareholders would own around 33% of the new business, which will trade on London's AIM market as Premier Miton Group PLC.
Before the deal is official, Miton will need approval at a court hearing on November 13.
It expects the merger to be effective from November 14 with its shares to be cancelled with effect on November 15.
Shares in Miton were 2.7% lower at 53.03 pence each in London on Wednesday afternoon. Premier Asset shares were 4.3% lower at 178.00p apiece.
By Eric Cunha; ericcunha@alliancenews.com
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