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Rathbones Group PLC said on Wednesday it had declared a second interim dividend of 34 pence. The London-based investment and wealth management firm said the payment is conditional on completion of an all-share merger between the group and Investec PLC and Ltd’s Investec Wealth & Investment Ltd. Rathbones had said back in July it expects to bring forward payment of a portion of the final dividend for to its shareholders shortly before the completion of the merger. It said dividend payment of the second interim dividend will take place on October 11. Investec and Rathbones said early last month the completion of the merger and admission of the new shares is now anticipated to occur on September 21, subject to the Financial Conduct Authority and London Stock Exchange agreeing to admit the new shares on the London Stock Exchange. Investec and Rathbones back in April entered into a definitive agreement to merge Rathbones with Investec Wealth & Investment. Investec Wealth & Investment includes Investec’s wealth and investment businesses in the UK and Channel Islands but excludes Investec Bank AG and Investec Wealth & Investment International (Pty) Ltd, both of which will remain wholly-owned subsidiaries of Investec. The two have said the merger will create one of UK’s leading wealth manager with around £100 billion of funds under management and administration. Investec will own 41.25% and only exercise 29.9% voting rights in the newly merged entity. Rathbones shareholders will have an economic interest of 58.75% and voting rights of 70.1%. In London, Rathbones shares were down 1.3% to 1,706.00 pence early Wednesday. But Investec shares eased 0.8% to 460.90p in London. They were down 0.1% at R 110.00 in Johannesburg. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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