Savoy agrees Raphael buy
Savoy Asset Management has exchanged conditional contracts to acquire part of the private client and stockbroking business of Raphael Zorn Hemsley Limited (RZH) and the entire issued share capital of Raphael Asset Management Limited (RAM), Savoy said on 28 March.
The purchases would raise Savoy's funds under management by up to £350m to approximately £800m. The cash consideration payable is approximately £2.59m, depending on the net assets and amount of the funds under management of RAM at completion of the acquisitions.
Savoy planned to fund the purchases by raising approximately £5.08m through issuing up to 2,707,287 new ordinary shares at 187.5p per share, subject to approval.
The subscription represents about 29.9% of its enlarged share capital, Savoy said. The proceeds would also fund two further acquisitions under negotiation and further expansion of Savoy's activities.
Kuwait-based Global Investment House has entered a conditional agreement with Savoy to subscribe for 29.9% of its enlarged share capital at 187.5p per share.
Global is a Kuwaiti investment management company regulated by the Central Bank of Kuwait and has assets under management of some $650 million. © Reuters
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