Assetco Regulatory News (ASTO)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"). THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE.

For immediate release

18 January 2022

AssetCo plc ("AssetCo")

Statement regarding River and Mercantile Group PLC ("RMG")

The Board of AssetCo notes the announcement from RMG this morning stating that, in accordance with Rule 2.6(c) of the Code, the Board of RMG has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the date by which AssetCo is required either to announce a firm intention to make an offer for RMG in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. (London time) on 25 January 2022, which will allow time to finalise a potential offer for the remaining RMG Asset Management business ("RMG Asset Management") for the benefit of all AssetCo and RMG shareholders. This deadline can be extended by the Board of RMG, with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.

The AssetCo Board believes that RMG Asset Management and AssetCo are highly complementary and that a combination of AssetCo and RMG Asset Management would create significant value for the combined group's clients, portfolio managers, employees and shareholders. The AssetCo directors also believe that there is material value in leveraging other elements of the AssetCo business and strategy to increase the value of RMG Asset Management and widen investor appeal.

There can be no certainty that a firm offer will be made nor as to the terms of any such offer. A further announcement will be made in due course.

Campbell Fleming, Chief Executive Officer at AssetCo, said:

"We welcome the Board of River and Mercantile Group's decision to extend the offer period. Discussions have progressed over the festive period and into January. The extended period will allow us to finalise a potential offer to acquire River and Mercantile (excluding its Solutions business) for the benefit of both AssetCo and River and Mercantile shareholders.

"Over the last few weeks, we have met with additional members of the River and Mercantile team which has confirmed our view of the great potential it has as an active equity and infrastructure investment manager. River and Mercantile has the people, expertise and product offering to be a core part of AssetCo as we build an agile 21st century asset and wealth management business that meets the needs of investors."

Enquiries:

 AssetCo

 Numis (Financial Adviser to AssetCo)

Arden Partners plc (Nominated adviser and broker to AssetCo)

Maitland/AMO

Further information

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as Financial Adviser exclusively for AssetCo and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than AssetCo for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

Arden Partners plc ("Arden"), which is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange, is acting as NOMAD and Broker to the Company and no one else in connection with the proposed transaction and will not regard any other person (whether or not a recipient of this document or any other information) as its customer in relation to the proposed transaction and accordingly will not be responsible to any other person for providing protections afforded to its customers or advising any such other person on the proposed transaction or matters referred to herein.

The Maitland Consultancy Ltd ("Maitland/AMO") is acting as financial public relations adviser to AssetCo and no one else in connection with the matters set out in this announcement. Maitland/AMO does not owe or accept any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person in connection with this announcement, any statement contained herein or otherwise.

This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.

The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.

Website Publication

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.assetco.com/investor-relations/ promptly and in any event by no later than 12 noon on the business day following this announcement. The content of this website is not incorporated into and does not form part of this announcement.

Ends