OREANDA-NEWS. Premier Asset Management Group PLC, a fast-growing UK retail asset management group, today announces its initial public offering by way of a placing (the "Placing") of 35,875,660 new and 12,381,916 existing ordinary shares of 0.02 pence each ("Ordinary Shares") at 132 pence per share (the "Placing Price") raising gross proceeds of approximately £63.7 million.

Keefe, Bruyette & Woods, a trading name of Stifel Nicolaus Europe Limited, and Numis Securities Limited are acting as Joint Bookrunners and Brokers (together, the "Joint Bookrunners"), to the Company in relation to its admission to trading on AIM ("Admission"). Stifel Nicolaus Europe Limited is acting as Nominated Adviser.

Offer highlights

·      Based on the Placing Price, the market capitalisation of the Company on Admission will be approximately £139.7 million.

·      The Company has raised approximately £47.4 million (before expenses) pursuant to the Placing. The net proceeds will be used to repay the £47.4 million principal and accrued interest of the Preference Shares, such that Premier expects to be substantially ungeared following Admission.  The balance of the proceeds of the Placing is for the benefit of certain of the Company's shareholders who are selling Ordinary Shares in the Placing (the "Selling Shareholders").

·      On Admission, the Company's existing shareholders will hold approximately 54.4 per cent. of the issued share capital of the Company, of which Queripel Partners LLP ("Queripel Partners")  will hold approximately 33.2 per cent. and certain funds advised by Electra Partners LLP ("Electra") will hold approximately 8.1 per cent.

·      Queripel Partners, Electra, the Company's directors (the "Directors") and certain of the Company's senior management have entered into lock-up and orderly market arrangements.

·      The Company intends to start paying quarterly dividends following the first quarter of the Company's FY 2017.

·      On Admission, the Company will have 105,801,310 Ordinary Shares in issue and a free float of approximately 45.6 per cent.

·      Admission and commencement of dealings in the Ordinary Shares under the ticker PAM, ISIN GB00BZB2KR63 and SEDOL BZB2KR6, is expected to take place at 8.00 a.m. on 7 October 2016.

Premier is a fast-growing UK retail asset management group with a focus on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include multi-asset, equity and absolute return funds.  Premier has a particular focus on multi-asset and income investment management, which addresses strong retail investor demand in these sectors.  The Company has a significant presence as a multi-asset fund manager in the UK retail funds market based on net sales and assets under management.