River Global B Regulatory News (RVRB)

30 June 2025

LEI: 213800LFMHKVNTZ7GV45

River Global PLC ("River Global" or the "Company")

CONDITIONAL AGREEMENT TO ACQUIRE DEVON EQUITY MANAGEMENT LIMITED

 ("Devon Equity Management" or "Devon")

River Global, the agile asset and wealth management company, is pleased to announce that it has entered into heads of terms to acquire Devon Equity Management Limited. Devon is owned by certain members of its senior management team ("the Sellers") who as part of the transaction will receive 16.67m A Ordinary Shares in the Company (the "Initial Equity Consideration") and a further 24.33m A Ordinary Shares in the Company (the "Deferred Equity Consideration") on 16 June 2026, both at an issue price of 6.0p for each A Ordinary Share. The equity consideration represents up to £2.46m in total. The Deferred Equity Consideration is dependent upon revenue generated from the acquired business at the time the consideration falls due. In addition, the heads of terms include certain other cost commitments for the acquired business in the first year and also entitle the Sellers to withdraw surplus regulatory capital. Devon will meet its own costs in the transaction.

In its financial year ended 31 December 2024 Devon generated an operating profit of £2.1 million from gross revenues of £8.6 million and net assets of £3.0m. Despite a reduction in assets under management due in part to a tender offer implemented in June 2025 by its investment trust client (European Opportunities Trust PLC) Devon is projected to be profitable in its current financial year. After adjusting for the exceptional costs of acquisition noted above, the acquired business is expected to be earnings enhancing for River Global after the first year. It is intended that Devon will be integrated with River Global's existing business and operations during the course of the first year and that synergies from that process will deliver meaningful cost savings for the combined group.

The Acquisition is conditional on, inter alia, satisfactory due diligence, all necessary regulatory clearances and approvals being obtained and the entering into of definitive legal agreements.

As part of the Acquisition Simon Troughton, Chairman of Devon, will join the board of River Global as a non-executive director. Richard Pavry, the current Chief Executive Officer of Devon, will join the board of River Global in an executive capacity and Alexander Darwall, Chief Investment Officer of Devon will be appointed Co-Head of European Equities for the combined Group, alongside Charlie Southern, currently Senior Fund Manager for Devon. Luca Emo Capodilista, a founder of Devon alongside Alexander Darwall and Richard Pavry, will also continue in a senior role.

The Company will provide further updates when appropriate.

About Devon Equity Management

Devon Equity Management is an independent fund management company founded in November 2019 by Alexander Darwall, Luca Emo Capodilista and Richard Pavry, formerly colleagues at Jupiter Asset Management. Devon invests in European equities on behalf of its clients European Opportunities Trust PLC (a FTSE 250 investment trust, "EOT"), Devon Equity Funds (Luxembourg UCITS SICAV) and an institutional client. Current assets under management amount to c.£835m. The portfolio management team's investment style is equity long-only with a concentrated, high conviction portfolio consisting of between 25 and 35 positions. Alexander Darwall, the Chief Investment Officer of the company, has managed European equities since 1996 and EOT since its launch in November 2000. The annualised NAV total return for EOT from launch to 31 May 2025 was 10.5% per annum (source: Devon, dividends reinvested), which compares with 6.2% per annum total return for EOT's benchmark, the MSCI Europe Index. Alexander previously saw considerable success in leading the growth in Jupiter's European equities funds business to over £12 billion prior to his move to Devon (source: Devon).

Martin Gilbert, Chairman of River Global, commented:

"We are delighted to have agreed terms to acquire Devon Equity Management and for Alexander Darwall and his team to join the River Global Group. Alexander is an outstanding conviction asset manager with an enviable reputation in the industry. Alexander and his team will put River Global properly on the map for European Equities at a time when the asset class is coming back into favour. With our expertise and strong relationships in the closed end fund space we intend to deliver improved services and benefits to Devon's client in that sector, European Opportunities Trust PLC. I also look forward to welcoming my erstwhile Chairman from the Aberdeen Asset Management days, Simon Troughton, and also Richard Pavry to the Board of River Global PLC."

Alexander Darwall, Chief Investment Officer of Devon Equity Management, commented:

"We are excited at the prospect of joining River Global and bringing a new and complementary skill set to the team there. Joining the River Global platform will allow us to share significant operational synergies, to benefit from the shared investment expertise and insight which the wider investment team at River Global brings and to take our investment capabilities to new clients and markets. We are committed to delivering the very best outcome for both current and future clients. The consolidated business has excellent and exciting prospects for the future and I am committed to playing my role in turning those into reality as we move forward together."

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

For further details, visit the website, www.riverglobalplc.com

Ticker: AIM: RVRG - A Ordinary Shares. RVRB - B Shares.