Last checked at 21 Jul 2023 07:00
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LEI: 549300XVXU6S7PLCL855
For immediate release
21 July 2023
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Update on Proposed Acquisition of GAM Holding AG
Liontrust Asset Management Plc ("Liontrust", or the "Company"), the specialist independent fund management group, today issues an update in relation to its recommended public exchange offer for all publicly held registered shares of GAM Holding AG ("GAM") (the "Transaction") which was announced on 4 May 2023.
Liontrust confirms that, following engagement with the shareholders of GAM, Liontrust's proposed acquisition of GAM is a full and final offer and will not be increased.
Liontrust has conducted extensive and co-operative due diligence in relation to GAM, over many months, which validates Liontrust's view that this is a good and fair offer to GAM shareholders.
Liontrust's offer takes account of the current financial run rate losses of GAM (including its regulatory capital position, its lack of free cash and its need for external financing) and its future contractual liabilities, as well as the significant restructuring costs required to bring GAM to break even as quickly as possible. Liontrust's due diligence also confirms the two businesses are highly complementary and the significant opportunities offered by combining the two groups.
It is imperative that the future of GAM is resolved as quickly as possible to provide immediate financial and corporate stability for GAM to preserve value for shareholders and give certainty to clients.
There is no other offer for the entire issued share capital of GAM and the proposed acquisition provides a corporate resolution without further uncertainty and instability.
For further information please contact:
Teneo (Tel: 020 7353 4200, Email: liontrust@teneo.com)
Tom Murray
Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)
John Ions: Chief Executive
Vinay Abrol: Chief Financial Officer & Chief Operating Officer
Simon Hildrey: Chief Marketing Officer
David Boyle: Head of Corporate Development
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Tom Salvesen
Corporate Finance: Justin McKeegan
Panmure Gordon (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
ENDS