Premier Miton Group (PMI)

Sector:

Financials

Index:

FTSE AIM All-Share

109.50p
   
  • Change Today:
    -0.50p
  • 52 Week High: 205.00
  • 52 Week Low: 109.00
  • Currency: UK Pounds
  • Shares Issued: 157.91m
  • Volume: 335,673
  • Market Cap: £172.91m

Premier Miton pulls out of talks with River and Mercantile

By Abigail Townsend

Date: Thursday 13 Jan 2022

LONDON (ShareCast) - (Sharecast News) - Premier Miton Group has pulled out of talks to acquire River and Mercantile Group, the AIM-listed asset manager confirmed on Thursday.
Premier Miton first announced in November that it had approached the board of RMG to explore potentially buying the business, subject to the completion of the Solutions business sale to Schroders. RMG announced the £230m sale of its Solutions arm in October.

At the time, Premier said it believed the scale and cultural alignment of the two firms would deliver a "a balanced and resilient business across a diversified product offering".

However, on Thursday it announced that talks how now come to an end and that it would not be making an offer.

Chief executive Mike O'Shea said: "We have concluded that there are insufficient commercial merits for our shareholders to make a formal proposal for the acquisition of RMG.

"We wish the employees at RMG well for their future, and we look forward with confidence to pursuing our own strategic plans for organic growth while at the same time exploring tactical and strategic opportunities."

Discussions between RMG and rival bidder AssetCo remain ongoing, however. The AIM-listed acquisition vehicle is chaired by Martin Gilbert, the former joint chief executive of Standard Life Aberdeen, now trading as Abrdn, and current deputy chair of RMG.

Under the Takeover Code, AssetCo - which focuses on investment and wealth management firms - has until 18 January to make a firm offer for RMG or walk away.

RMG said: "The board's focus is on completing the sale of Solutions to Schroders, implementing the planned return of £180m to shareholders and developing RMG into a specialist asset manager." It added that shareholders would be provided with a "broad update" on its post-sale strategy in the spring.

As at 1200 GMT, shares in Premier Miton were down 3% at 190.25p, while RMG shares were largely flat at 302.0p, having touched a low of 290.4p earlier in the session. AssetCo was off 1% at 1,529.0p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

PMI Market Data

Currency UK Pounds
Share Price 109.50p
Change Today -0.50p
% Change -0.45 %
52 Week High 205.00
52 Week Low 109.00
Volume 335,673
Shares Issued 157.91m
Market Cap £172.91m

PMI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
89.70% above the market average89.70% above the market average89.70% above the market average89.70% above the market average89.70% above the market average
86.67% above the sector average86.67% above the sector average86.67% above the sector average86.67% above the sector average86.67% above the sector average
Price Trend
58.1% below the market average58.1% below the market average58.1% below the market average58.1% below the market average58.1% below the market average
56.2% below the sector average56.2% below the sector average56.2% below the sector average56.2% below the sector average56.2% below the sector average
Income
87.53% above the market average87.53% above the market average87.53% above the market average87.53% above the market average87.53% above the market average
84.21% above the sector average84.21% above the sector average84.21% above the sector average84.21% above the sector average84.21% above the sector average
Growth
78.57% above the market average78.57% above the market average78.57% above the market average78.57% above the market average78.57% above the market average
41.18% above the sector average41.18% above the sector average41.18% above the sector average41.18% above the sector average41.18% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PMI Dividends

  Latest Previous
  Final 1st Interim
Ex-Div 13-Jan-22 22-Jul-21
Paid 11-Feb-22 13-Aug-21
Amount 6.30p 3.70p

Trades for 23-May-2022

Time Volume / Share Price
17:08 50,000 @ 109.50p
15:44 3,196 @ 109.90p
14:31 562 @ 109.10p
14:08 2,375 @ 109.90p
14:03 2,312 @ 109.05p

PMI Key Personnel

CEO Michael Patrick O'Shea
CFO Piers Godfrey Harrison

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