AssetCo plc (AIM:ASTO) agreed to acquire Ocean Dial Asset Management Limited from Avendus Capital Private Limited, Investment Arm for £4.1 million on March 6, 2023. The consideration will be satisfied by the delivery of 2.9 million ordinary shares of £0.01 each in the capital of AssetCo and £2.1 million in cash of which 0.7 million ordinary shares and £0.5 million shall be deferred until after the calendar year end in accordance with the provisions of the sale and purchase agreement. The ordinary shares that form part of the consideration will be transferred out of treasury post completion. The acquisition is conditional on, inter alia, approval by the FCA to a change in controller which is expected to occur by the end of Q2 2023 and the Reserve Bank of India and Securities Exchange Board of India which is expected to run into Q3 2023. The acquisition is expected to be earnings enhancing for Ocean Dial Asset Management, which is wholly owned by Avendus Capital Asset Management and manages the assets of India Capital Growth Fund Limited, and it is anticipated that further synergies will be achievable following completion. As of August 15, 2023, Financial Conduct Authority has approved the transaction. Giles Rolls and Charles Farquhar of Numis Securities Limited acted as the financial advisor to AssetCo plc (AIM:ASTO). The requisite clearances from the Indian regulators are at an advanced stage.

AssetCo plc (AIM:ASTO) completed the acquisition of Ocean Dial Asset Management Limited from Avendus Capital Private Limited, Investment Arm for £4.1 million on October 2, 2023. The initial consideration has been satisfied by the delivery of £1.4 million ordinary shares of £0.01 each in the capital of the Company and £2.46 million in cash (£1.82m net of cash). Up to a further £1.4 million Ordinary Shares may be issued, subject to adjustment, on a deferred basis.