Liontrust Asset Management Plc (LON:LIO), the specialist independent fund management group, has today issued the definitive notice of the interim result in relation to its recommended public exchange offer for all publicly held registered shares of GAM Holding AG (“GAM“) which was published on 13 June 2023.
Liontrust announces that as of the end of the extended Main Offer Period1 on 23 August 2023, 16:00 CEST (“Extended Main Offer Period“), a total of 53,250,357 GAM Shares were tendered into the Offer until the end of the Extended Main Offer Period, corresponding to 33.45% of the GAM Shares to which the Offer extends as of the end of the Extended Main Offer Period.
Liontrust therefore declares the Offer to be unsuccessful. Since the Offer has not been successful, there will be no Additional Acceptance Period1 and the Offer will not be settled.
In relation to the financial support provided by Liontrust to GAM through the Tranche 1 Facility2, which is £8.9 million plus interest, Liontrust has the right to demand immediate repayment on the date falling 30 days after this announcement.
1 As set out in the Swiss Offer Prospectus that was published on 13 June 2023.
2 As defined in the shareholder circular that was published by Liontrust on 13 June 2023.
