Last checked at 15 Jul 2015 07:00
Issued on behalf of AssetCo plc
Immediate Release
Wednesday, 15 July 2015
AssetCo plc
("AssetCo" or the "Group" or the "Company")
Director dealing
The Company was notified yesterday that on 13 July 2015 the directors, as detailed below, received a total of 70,313 ordinary shares of 10p each ("Ordinary Shares") in the Company from Trident Private Equity Fund II LP ("TPE2").
TPE2 was formed in 2005 and is a 10 year limited life fund. Following the disposal of its holding in AssetCo TPE2 will be placed into voluntary liquidation. Harwood Capital LLP ("Harwood") is the investment adviser to TPE2. In anticipation of the liquidation, TPE2 investors were offered the option of a cash payment of £2.50 per Ordinary Share by North Atlantic Smaller Companies Investment Trust plc ("NASCIT"), another fund managed by Harwood, or via an in specie distribution of Ordinary Shares to discretionary managed private client accounts of Harwood.
Situation prior to TPE2 distribution | ||
Harwood breakdown | Shares | % held |
NASCIT | 2,650,000 | 21.70% |
TPE2 | 1,250,000 | 10.24% |
Oryx International Growth Fund Limited | 1,050,000 | 8.60% |
Discretionary managed private clients under Harwood Capital LLP | 965,779 | 7.91% |
Harwood Capital total holding | 5,915,779 | 48.45% |
Situation post the TPE2 distribution | ||
Harwood breakdown | Shares | % held |
NASCIT | 3,457,500 | 28.31% |
Oryx International Growth Fund Limited | 1,050,000 | 8.60% |
Discretionary managed private clients under Harwood Capital LLP | 1,408,279 | 11.53% |
Harwood Capital total holding | 5,915,779 | 48.45% |
Following the distribution by TPE2, Harwood holds and manages the same amount of shares as previously advised, being 5,915,779 Ordinary Shares, representing 48.45 per cent of the Company's issued share capital.
Director dealing
Both Tudor Davies, Chairman of the Company and Christopher Mills, Non-Executive Director of the Company, are limited partners of TPE2. Both have elected to transfer shares in specie to the discretionary managed private client accounts of Harwood.
Tudor Davies, Chairman of the Company, transferred 7,813 Ordinary Shares to a discretionary managed private client account of Harwood. Following this transaction, Mr Davies's interest in the Company is 32,813 Ordinary Shares, representing 0.27 per cent of the Company's issued share capital.
Christopher Mills, Non-Executive Director of the Company, transferred 62,500 Ordinary Shares to a discretionary managed private client account of Harwood. Following this transaction, Mr Mill's interest in the Company* remains unchanged at 5,915,779 Ordinary Shares, representing 48.45 per cent of the Company's issued share capital.
*Christopher Mills as Chief Executive and a member of Harwood Capital LLP is deemed to have an interest in 5,915,779 shares owned by various funds associated with Harwood Capital LLP.
Enquiries: | ||
Tudor Davies, Chairman | John Llewellyn-Lloyd / Ciaran Walsh | Fiona Tooley |
AssetCo plc | Arden Partners plc | TooleyStreet Communications |
Tel: +44 (0) 7785 703523 or +44 (0) 20 7614 5900 | Tel:+44 (0) 20 7614 5900 | Mobile: +44 (0) 7785 703 523 Email: fiona@tooleystreet.com |
Ticker AIM: ASTO.L
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AssetCo, is principally involved in the provision of management and resources to the fire and emergency services in the Middle East. For further details, visit the website, www.assetco.com.