LONDON (Alliance News) - Aberdeen Asset Management PLC Tuesday said it has paid the deferred top-up payment of GBP38.3 million to Lloyds Banking Group PLC in respect of Aberdeen Asset's acquisition of Scottish Widows Investment Partnership Group Ltd.
In accordance with the sale and purchase agreement, the deferred top-up payment was due on March 31, 12 months following the date of the completion of the acquisition. The payment was based on the difference between Aberdeen's volume weighted average price for the five business days prior to completion and the reference price of 420 pence per share, it said in a statement.
"The deferred top-up payment was accounted for as a liability on the Company's balance sheet, so there is no impact on regulatory capital," said Aberdeen Asset.
Aberdeen Asset shares were down 2% to 460.40 pence per share on Tuesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Lloyds (LLOY)