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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Baskerville Capital Plc | LSE:BASK | London | Ordinary Share | GB00BDZRYX75 | ORD GBP0.005 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOBE
RNS Number : 4502N
Oberon Investments Group PLC
20 January 2023
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Which is part of the United Kingdom domestic law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR").
Oberon Investments Group plc
('Oberon' or the 'Company' or the 'Group')
Acquisition of majority stake in Custody Business
Placing to raise GBP1.75 million
Oberon Investments Group plc (AQSE: OBE), the boutique investment management, wealth planning and corporate broking group, is pleased to announce that it has agreed to acquire 63% of the share capital of Logic Investments Ltd ('Logic'), subject to FCA approval.
Oberon has also raised approximately GBP1.75 million before expenses, through a conditional placing, via Oberon Capital, of 50,125,311 new shares of 0.5 pence each in the Company at a price of 3.5p per share (the 'Placing'). The Placing was completed at a premium to the mid-market price of the Company's shares at the close of business on 19 January 2023 and was supported by new and existing institutional shareholders. The Placing Shares are being issued under the Company's existing share authorities.
The net proceeds of the Placing will be applied to support the expansion of the Company's Corporate Advisory and Investment Management business divisions and to accelerate growth in 2023.
Acquisition of majority stake in Logic
-- Logic provides custody and administration ('Back Office') services to investment managers and financial institutions.
-- Logic has grown its Funds Under Management and Administration ('FUMA') to in excess of GBP275 million.
-- Post completion, Oberon will be combining its own Back Office functions with Logic, meaning the transfer of Oberon's FUMA to Logic over the next 12 months.
-- The acquisition will enable Logic to develop a market-leading Back Office service, as well as supporting Oberon's growing Investment Management and Corporate broking businesses.
-- As the business develops, it is intended that Logic will expand its services, to offer a disruptive, 'best in class' Back Office service to other external investment managers and financial institutions.
Oberon Chief Executive Officer Simon McGivern said: "We are very excited to join forces with Logic's experienced management team. This deal will provide a robust platform to support Oberon's future growth, growth which has been underpinned by providing the highest quality operational and custody services to our clients. As we progress, we aim to add additional services to Logic's platform and work with suppliers to create a market leading custody and administration offering for other like-minded institutions, to take advantage of the rapidly changing capital markets.
We are also pleased to receive strong continued support from our existing investor base, and welcome new institutional investors, with the strongly subscribed placing completed above Oberon's closing mid-price."
Note
The Placing is conditional on admission of the Placing Shares to trading on AQSE ("Admission"). Following Admission, the Placing Shares will represent, in aggregate, approximately 9.6 per cent. of the Company's enlarged issued ordinary share capital.
Admission to Trading on AQSE and Total Voting Rights Application has been made for the Placing Shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AQSE, with admission expected to become effective on 25 January 2023. Following the Placing, the total issued share capital of the Company will be 520,249,641 ordinary shares, with no shares in Treasury. Therefore, the total current voting rights in the Company following Admission will be 520,249,641 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Enquiries:
Oberon Investments Group plc Simon McGivern / John Beaumont 020 3179 5300 Novum Securities Limited (AQSE Corporate Adviser and Broker to the Company) Richard Potts, George Duxberry 020 7399 9400 Oberon Capital (Broker to the Company) Mike Seabrook, Nick Lovering 020 3179 5300
Notes for editors
Oberon operates in the UK wealth and fund management sector and in the corporate broking and financial advisory sectors. Since Oberon Investments Ltd was established in April 2017, Oberon group's FUMA have grown to in excess of GBP1 billion as at 30 September 2022. This has been achieved organically by adding new clients and new fund managers, attracted by the emerging brand and by a number of small, selective and accretive acquisitions. Oberon Capital, the corporate broking division, provides advice and raises capital for companies from seed and early-stage funding through to IPO and beyond.
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END
NEXURAVROUUAUAR
(END) Dow Jones Newswires
January 20, 2023 10:13 ET (15:13 GMT)
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