RNS Number : 6232D
Integrated Asset Management PLC
04 December 2009
4 December 2009
Integrated Asset Management plc
("Integrated" or the "Company")
Acquisition of Shares in Funds of Funds
The Board of Integrated announces that it has agreed to pay approximately £2.66million in cash to acquire shares in Integrated Strategic Funds Limited and Integrated Multi Strategy Limited, which are two funds of funds (“the Funds”) that are managed by a subsidiary of the Company. Approximately £2.54 million of the total consideration has already been paid with the balance in the process of being settled.
These transactions were entered into with a number of investors of these Funds who wish to realise their holdings (the "Investors"), as part of a programme to assist and provide a limited secondary market in the Funds.
After negotiations with the Investors, the Board resolved to acquire these shares in the Funds at prices which are attractive both to the Investors and the shareholders of the Company, taking into account, inter alia, the varying liquidity profiles of the different share classes.
The Company anticipates retaining these shares in the Funds until it will seek to realise them through redemptions or sale at an aggregate amount that is greater than the £2.66 million consideration.
Related Party Transactions
Because the investment manager of the Funds, Integrated Alternative Advisors Limited (trading under the name "Integrated Alternative Investments"), is a subsidiary of the Company, the Company has been advised by its nominated advisor, Noble & Company Limited ("Noble & Co"), that the above transactions constitute related party transactions under the AIM Rules for Companies. The independent directors of the Company consider, having consulted with Noble & Co, that the terms of these transactions are fair and reasonable insofar as the Company's shareholders are concerned.
Ends
For further details please contact:
Integrated Asset Management plc
Emanuel Arbib, Chief Executive Officer
Tel: +44 20 7514 9200
Fax: +44 20 7514 9202
e.arbib@integratedam.com
Noble & Company Limited
John Riddell
Harry Stockdale
Tel: +44 (0)20 7763 2200
john.riddell@noblegp.com
harry.stockdale@noblegp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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