Pottermoore Regulatory News (PAM)

1 Sep 2005 16:48

Premier Asset Management PLC01 September 2005 Premier Asset Management plc (the "Company") Announcement of acquisition Further to an announcement made on 27th April 2005 the board of Premier AssetManagement plc (the "Company") is pleased to announce that it has todaycompleted on the purchase of a 30% interest in Castlefield Investment PartnersLLP (the "LLP"), a UK limited liability partnership based in Manchester andwhose principal activity is discretionary fund management for charities andpension funds and which manages approximately £115m of funds. In consideration for the acquisition referred to above, the Company has agreedto pay the sellers £700,000, the consideration is to be satisfied by £612,500 inshares in the Company together with cash of £87,500. The Company has today paidcash of £87,500 and transferred 530,303 ordinary shares in the capital of theCompany from treasury at a price of 82.5p per share. Total consideration paid oncompletion is therefore £525,000. The balance of the consideration, which isconditional on the LLP obtaining discretionary funds under management of atleast £80 million, is to be deferred and will be satisfied through the transferof further treasury shares and/or the issue of new ordinary shares in thecapital of the Company. Following the transfer out of treasury of the 530,303 ordinary shares mentionedabove, the Company confirms that it now hold 85,970 ordinary shares in thecapital of the Company in treasury. Enquiries: Mike O'SheaNeil MacphersonPremier Asset Management plc01483 306090 This information is provided by RNS The company news service from the London Stock Exchange