PAM.L Regulatory News (PAM)

1 Nov 2005 07:30

Premier Asset Management PLC01 November 2005 Premier Asset Management PLC (the "Company") Acquisition Premier announces the acquisition of the £16m Solus Short Dated Gilt Fund andthe £2m Solus Gilt Growth Fund (the "Funds") from KBL Investment Funds Ltd for atotal consideration expected to be £310,000 subject to investors in the Funds ("the Fund Shareholders") voting in favour of the transaction which will beeffected via two Schemes of Arrangement (the "Schemes"). The Solus Short Dated Gilt Fund and the Solus Gilt Growth Fund are sub funds ofSolus Investment Company and under the Schemes the assets and investors willtransfer to the Premier Short Dated Gilt Fund and the Premier Gilt Growth Fundrespectively, both of which are sub funds of Premier Funds (the "New Funds"). The consideration for the Solus Short Dated Gilt fund, broadly equivalent to 2%of the NAV of this fund, will comprise initial consideration in cash equal to 1per cent. of the NAV as at the effective date of the relevant scheme and twofurther tranches payable in cash after 6 months and 12 months, equal to 0.5% ofthe NAV attributable to the Fund Shareholders at those respective dates. Theconsideration is subject to an overall cap of £1 million. Based on the Fund'sNAV at the valuation point on 31 October 2005, the total consideration wouldhave been £310,000. The consideration for the Solus Gilt Growth fund will be £1payable on completion. The New Funds will be managed at Premier by Paul Smith and John Holder, both ofwhom recently joined Premier's investment team. Prior to joining Premier, PaulSmith was responsible for fixed income securities at BFS Investments which hejoined in October 2000, after obtaining a 1st class BA (Hons) degree inEconomics and an MA in Finance and Investment (with distinction) from ExeterUniversity. John Holder joined Premier following six years with BFS Investments.He brings with him over 30 years experience of investing in the fixed incomemarkets, having previously held senior positions at James Capel, CiticorpScrimgeour Vickers, BZW and Merrill Lynch. He has been responsible for sterlingbond and preference share capital market operations and for managing fixedincome portfolios. John is an Associate member of the UK Society of InvestmentProfessionals and a Fellow of the Securities Institute. Scheme documents are being sent to Fund Shareholders today. The extraordinarygeneral meetings are scheduled for 18 November 2005 when a 75% majority vote ofrelevant Fund Shareholders in relation to each Scheme will be required for eachof the Schemes to become effective. Following the recent acquisition of the business of BFS, Premier, via itsregulated subsidiaries, has funds under management of just over £1 billionacross a range of open and closed ended funds and private client portfolios. Enquiries: Mike O'Shea, Chief ExecutiveTel: 01483 306090 31 October 2005 This information is provided by RNS The company news service from the London Stock Exchange