Acquisition

11 Sep 2007 07:00

Syndicate Asset Management PLC11 September 2007 11 September 2007 Syndicate Asset Management plc acquires 35% interest in Combimeer Syndicate Asset Management PLC ('SAM') via its wholly owned subsidiary AshcourtHoldings Ltd has acquired a 35% interest in Combimeer, the Dutch financialservices firm, for a consideration of €758,000 in cash, payable in full oncompletion. The shares are being acquired from a number of parties includingEquity Pre-IPO Investments Ltd, an AIM listed company one of whose directorsJonathan Freeman is also a director of SAM. SAM's intention is to acquire the remaining shares after January 2009. In theyear to 31 December 2006 Combimeer made an unaudited pre tax profit of €173,361.Combimeer have approximately €40m of funds under advice part of which arealready managed by Ashcourt Asset Management Ltd. John Morton will join the Board of Combimeer together with the existingdirectors Karel and Marjolijn Jagtenberg. This investment underlines SAM's intention to develop its distribution into newgeographical markets through experienced local partners. With the exception of Jonathan Freeman, who has an involvement in thetransaction as a related party, SAM Directors, having consulted with theirnominated adviser, believe that the terms of the transaction are fair andreasonable in so far as shareholders are concerned. For further information please contact: Syndicate Asset Management plc Tel: 020 7659 8060John Morton (Chief Executive Officer)David Pinckney (Chairman) Landsbanki Securities (UK) Limited Tel: 020 7426 9000Mark DickensonFred Walsh Flagship Consulting Limited Diana Soltmann(PR adviser to SAM) Tel: 020 7886 8440 This information is provided by RNS The company news service from the London Stock Exchange