3 Oct 2014 07:00
03 October 2014
Miton Group plc
Loss of institutional client mandate
Miton Group plc ("Miton"), the AIM quoted fund management group, today announces that following the announcement of the retirement of Bill Mott an institutional client has decided to terminate a UK equity income mandate run by the Group with effect from November 2014. Miton estimates this will reduce Group net revenues by £1.1m for the year ended 31 December 2015. At 1 October 2014 this mandate amounted to £325.6m of assets under management.
The terms of the Sale and Purchase Agreement dated 3 July 2013 for the acquisition of PSigma Asset Management Holdings Limited and subsidiaries required a final deferred consideration payment of up to £3.75m to be payable after July 2015. In light of the above announcement it is unlikely any further payment under this agreement will be required.
ENDS
For further information, please contact:
Miton Group plc
Gervais Williams (Managing Director) 07811 331824
Robert Clarke (Finance Director) 07766 688983
Roger Bennett (Company Secretary) 07971 828101
MHP Communications miton@mhpc.com
Gay Collins / Reg Hoare / Simon Hockridge 020 3128 8100
Peel Hunt (Nominated adviser and Broker)
Guy Wiehahn 020 7418 8893
www.mitongroup.com