|
AssetCo PLC - London-based asset management fund - Sells 70% stake in specialist thematic ETF issuer Rize ETF Ltd to ARK Invest LLC for an upfront payment of £2.6 million, a deferred payment of £2.6 million and an earn out provision, capped at £5.3 million, which will operate over 5 years. ‘The sale agreement accelerates the delivery of the potential of this fundamentally attractive business. Rize will become the hub for ARK’s expansion into Europe and AssetCo is delighted to be aligned with ARK’s and Rize’s future success, both through the mechanism of the earn out agreement and the on-going ETF partnership,’ AssetCo says. Further, notes media reports about the value of its 30% equity interest in Parmenion that it bought for £20.6 million in October 2021. Parmenion ‘has traded strongly in terms of assets under management,’ AssetCo says. Adds that its equity interest in Parmenion has a current value of between £75 million and £90 million. Current stock price: 41.00 pence, closed up 7.9% on Wednesday 12-month change: down 39% Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
