1 Dec 2021 14:12
LEI: 2138005C7REHURGWHW31
For immediate release
1 December 2021
River and Mercantile Group PLC (the "Company")
Statement in response to DCAC announcement
As disclosed in the Company's circular to shareholders relating to the proposed sale of the Solutions business dated 23 November 2021 (the "Circular"), following the Company's announcement of the proposed sale of the Solutions business to Schroders on 26 October 2021, the Board received an informal approach for the Solutions business which it decided not to engage further with. Following Disruptive Capital Acquisition Company Limited's ("DCAC") announcement this morning (1 December), the Company confirms that the relevant party was DCAC.
Subsequent to the issuance of the Circular, DCAC re-approached the Board with an indication of interest for the Solutions business. The Board considered this carefully in accordance with its statutory and fiduciary duties and concluded that there is material uncertainty as to the value and form of the consideration proposed, availability and sources of financing, conditionality and other deal terms. DCAC's announcement today provides no additional information and addresses none of these fundamental concerns.
The Board continues to believe that Schroders' all cash offer, its greater execution certainty and Schroders' clear plans for the business, its employees and clients, is in the best interests of all stakeholders. As a result, the Board concluded that it should not engage further with DCAC regarding its indicative proposal.
Enquiries:
River and Mercantile Group PLC +44 (0) 20 3327 5100
Montfort Communications
Gay Collins +44 (0) 7798 626282
Nick Bastin +44 (0) 7931 500066
Lazard +44 (0) 20 7187 2000
Nick Millar
Fenchurch +44 (0) 20 7382 2222
Vincent Bounie