Ashcourt Rowan to buy UK Wealth Management for £14m

Ashcourt Rowan has agreed a deal with Duke Street General Partner to acquire UK Wealth Management (UKWM), funding the purchase through a share placing.

It will pay £14.25m in cash for UKWM, alongside an associated placing of shares.  The acquisition will be funded by a placing of 8.25 million shares at 185p, raising approximately £15.3m. The placing price represents a discount of 2.4% to the closing mid-market price of 189.5p per ordinary share as at 12 December 2013   The placing shares comprise 23.4% of the enlarged share capital of the group Ashcourt Rowan said the acquisition, which is subject to regulatory approval, will create a leading UK wealth manager offering financial advice and investment solutions to individuals and c...