Business
Notice of completion and issuance of shares
Notice of completion and issuance of shares.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2705E\n Brooks Macdonald Group PLC\n 27 February 2020\n \n \n \n \n 27 February 2020\n \n \n Brooks Macdonald Group plc\n \n \n Notice of completion of acquisition of Cornelian and issuance of shares \n \n \n Brooks Macdonald Group plc (\"Brooks Macdonald\", the \"Group\" or the \"Company\") is pleased to announce that the pre-conditions to the acquisition of Cornelian Asset Managers Group Limited (\"Cornelian\"), including receipt of approval from the Financial Conduct Authority, have been satisfied.\n \n \n \n \n \n The only outstanding condition is admission of 453,172 ordinary shares (the \"Consideration Shares\") to trading on AIM to settle part of the upfront consideration. An application has been made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM which is expected to take place at 8am on 28 February 2020, at which point the acquisition will complete.\n \n \n \n \n \n Caroline Connellan, Brooks Macdonald Chief Executive, commented:\n \n \n \n \n \n \"I am delighted to announce that we expect to complete our acquisition of Cornelian tomorrow, having received regulatory approval. Our experience of working with our new colleagues over recent months has reinforced our belief in the complementary nature of the two businesses.\n \n \n \"We look forward to welcoming Cornelian's clients and intermediaries and ensuring that both firms' clients benefit from the broader range of products and services of the combined group. The acquisition of Cornelian is a significant step forward in our strategy of delivering sustainable, value-enhancing growth.\"\n \n \n Cornelian senior team\n \n \n As part of the acquisition, the Group is delighted to welcome new colleagues who will bring additional skills and experience to complement the existing team, including the Cornelian senior team:\n \n \n \n \n \n ·\n Jeremy Richardson, CEO of Cornelian, will continue to play an important role in the coming months, supporting the transfer of Cornelian clients to Brooks Macdonald, whilst simultaneously ensuring Cornelian remains focused on delivering the very best service to its clients and professional connections\n \n \n · \n John Jackson, currently MD Intermediary Business at Cornelian, will join Brooks Macdonald as Director of Produ...