The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
('Baskerville' or the 'Company')
Update on Proposed Acquisition
Oberon is the holding company of
The Second Subscription has now been made in Oberon. As a result of better than expected trading, the directors of Oberon requested that the amount of the Second Subscription be reduced. As such, a second subscription of
Since the original investment in Oberon was made, assets under administration ('AUA') at Oberon have grown organically from
Oberon has additional acquisition targets in the pipeline, and we hope to be able to provide further updates shortly.
The Proposed Acquisition of Oberon is subject to legal, financial and other due diligence and entry into a legally binding agreement. As the Company has not yet entered into such an agreement, it cannot guarantee that the Proposed Acquisition will complete. However, following progress over the last few weeks, it is now expected the Proposed Acquisition will be completed before the end of Q3 2020.
On completion of the Proposed Acquisition, it is the Company's intention to seek admission to trading on the Aquis Exchange although the Company reserves the option to apply for admission to the Standard segment of the Main Market or to AIM.
"Oberon is an established boutique that is growing fast and already attracting talented wealth managers from larger competitors. They have created an attractive working environment for their teams and the focus on providing a first-class service for their client base is showing positive results.
"Through organic and acquisitive growth, Oberon's AUA have increased over 200% to
"We will continue to update with further corporate developments within Oberon and the Proposed Acquisition and re-listing, which we aim to complete before the end of Q3 2020."
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