Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Gilbert’s AssetCo has until January 18 to make offer for River and Mercantile

Martin Gilbert.
North-east entrepreneur Martin Gilbert.

Martin Gilbert’s asset management vehicle, AssetCo, has been given extra time to either “put up or shut up” over a mooted move for River and Mercantile (R&M) Group.

R&M, headquartered in Waltham, Massachusetts, said last month it had received approaches from both AssetCo – whose shares were down nearly 4% to £15.50 at market close today (December 21) – and Premier Miton Group about possible offers for the business.

Any offer is conditional on the completion of the sale of R&M’s “solutions” business, which was approved by the company’s shareholders on December 13.

AssetCo and Premier Miton were required by not later than 5pm today to either announce a firm intention to make an offer or walk away, in accordance with City takeover rules.

River and Mercantile has great potential as an active equity and infrastructure investment manager with people, clients and product offering that would complement our existing businesses.”

Campbell Fleming, chief executive, AssetCo.

In an announcement to the London Stock Exchange earlier today, R&M said: “Discussions between the board and each of AssetCo and Premier Miton remain ongoing.

“The company has requested, and the Panel on Takeovers and Mergers… has consented to an extension to the deadline by which both AssetCo and Premier Miton are required either to announce a firm intention to make an offer for River and Mercantile in accordance with Rule 2.7 of the Code (takeover rules) or to announce that they do not intend to make an offer.

“Such announcements must now be made by not later than 5pm on January 18.

“This revised deadline may be extended further, at the request of the board of River and Mercantile and with the consent of the Takeover Panel.”

‘Significant value’

Responding, AssetCo said it “continues to believe” RMG’s asset management activities are “highly complementary” to its own business.

It added: “A combination of AssetCo and RMG Asset Management would create significant value for the combined group’s clients, portfolio managers, employees and shareholders.

“The AssetCo directors also believe there is material value in leveraging other elements of the AssetCo business and strategy to increase the value of RMG Asset Management and widen investor appeal.”

But AssetCo stressed: “There can be no certainty that a firm offer will be made, nor as to the terms of any such offer. A further announcement will be made in due course.”

This should allow sufficient time to finalise a potential offer.”

AssetCo chief executive Campbell Fleming said: “We note that the board of River and Mercantile Group has agreed to an extension of the offer period.

“This should allow sufficient time to finalise a potential offer to acquire River and Mercantile, excluding its solutions business, for the benefit of both AssetCo and River and Mercantile shareholders.

“River and Mercantile has great potential as an active equity and infrastructure investment manager with people, clients and product offering that would complement our existing businesses.

“It will also accelerate, and be a core part of our focus on, building an agile 21st Century asset and wealth management business that meets the needs of investors.”

Campbell Fleming, AssetCo.

As of September 30, London and Guildford-based Premier Miton had £13.9 billion of assets under management.

Wales-based AssetCo previously described itself as a provider of management and resources to the fire and emergency services in the Middle East.

That was until Mr Gilbert, the co-founder and former chief executive of Aberdeen Asset Management, and other investors teamed up to take a 29.8% stake in the business.

Gilbert already on R&M’s board

Other consortium investors include Peter McKellar – the former global head of private markets at Aberdeen Standard Investments – and ToscaFund Asset Management, where Mr Gilbert is chairman.

Mr Gilbert, who personally owns 8.6% of AssetCo, joined River and Mercantile Group as deputy chairman on January 6 this year.

The 66-year-old entrepreneur is also chairman of fast-growing financial technology firm Revolut.

Already a subscriber? Sign in

[[title]]

[[text]]