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Premier Asset Management, Miton agree to merge

Premier Asset Management Group PLC and Miton Group PLC agreed to an all-share merger that would create an asset manager with pro forma AUM of £11.5 billion as of June-end.

Under the terms of the deal, Miton shareholders will receive 0.30186 Premier shares in exchange for each Miton share.

Based on Sept. 3 closing price, the merger values each Miton share at 56.74 pence, comprising an equity value of 51.84 pence and a special dividend of 4.9 pence per share.

Miton shareholders will own approximately 33% of the combined entity, which will continue to be traded on the AIM, a market operated by the London Stock Exchange.

The combined entity, which will be renamed Premier Miton Group, will draw board members from both companies. Premier Asset Management Chairman Mike Vogel and CEO Mike O'Shea will hold the same positions in the combined entity. Miton COO Piers Harrison will be CFO of the enlarged business.

Miton Directors David Barron and Katrina Hart and Premier Asset Management Directors Robert Colthorpe and William Smith will be nonexecutive directors of the combined group.

The merger, which is expected to complete in the fourth quarter, could bring recurring pretax cost synergies of roughly £7 million per year, according to the companies.

Fenchurch and Numis acted as financial advisers for Premier Asset Management while Spencer House and Liberum advised Miton.