Walker Crips Group plc Sale of Fund Management Contract (4798Z)

TIDMWCW

RNS Number : 4798Z

Walker Crips Group plc

15 March 2017

15 March 2017

WALKER CRIPS GROUP PLC

("Walker Crips" or the "Company")

Sale of Fund Management Contract

This announcement contains information which prior to its disclosure was inside information for the purposes of the Market Abuse Regulation.

Walker Crips, the financial services group, announces it has entered into an agreement relating to the sale and transfer of its fund management contract (the "Transfer") in connection with the TB Walker Crips Corporate Bond Fund (the "Fund") to Smith & Williamson Investment Management LLP ("SWIM LLP").

As part of the Company's continued focus on integrated wealth management since the sale of its fund management related activities in 2012, the Board of Walker Crips has concluded that management of this Fund is no longer a core activity and is therefore being transferred to a fund manager which has the requisite resource, scale and track record to continue serving the Fund's investors well. As a result of the Transfer, on Completion the Fund will be renamed TB Riding House Street Fixed Interest Fund.

As at 28 February 2017, SWIM LLP managed some GBP1.3 billion in its dedicated funds business across a number of investment strategies.

FCA approval in connection with the Transfer has been received and completion shall occur 5 days following written notification being sent to underlying holders of the Fund ("Completion") which is expected to be posted later today. Accordingly, Completion is anticipated on Tuesday 21(st) March 2017.

For further information please contact:

 
 Rodney FitzGerald, CEO    Walker Crips Group plc      [phone] 
 Rishi Zaveri              Cantor Fitzgerald Europe    [phone] 
 

Media enquiries:

 
               Walker Crips Group plc 
 Geri Jacks     www.wcgplc.co.uk         [phone] 
 

Notes:

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Forward-Looking Statements

This Announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's current expectations and projections about future events. These statements, which sometimes use words such has "aim, "anticipate", "believe", "intend", "plan", "estimate", "expect" and words of a similar meaning, reflect the directors' beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Statements contained in this Announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this Announcement is subject to change without notice and, except as required by applicable law, neither the Company, nor any member of its group, its Directors or its Financial Adviser assumes any responsibility or obligation to update publicly or review any of the forward-looking statements contained therein. Investors should not place undue reliance on forward-looking statements, which speak only as of the date of this Announcement. No statement in this Announcement is or is intended to be a profit forecast or to imply that the earnings of the Company for the current or future financial years will necessarily match or exceed the historical or published earnings of the Company.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 15, 2017 03:00 ET (07:00 GMT)