TIDMOBE
RNS Number : 4502N
Oberon Investments Group PLC
20 January 2023
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Which is part of the United
Kingdom domestic law pursuant to the Market Abuse (Amendment) (EU
Exit) Regulations (SI 2019/310) ("UK MAR").
Oberon Investments Group plc
('Oberon' or the 'Company' or the 'Group')
Acquisition of majority stake in Custody Business
Placing to raise GBP1.75 million
Oberon Investments Group plc (AQSE: OBE), the boutique
investment management, wealth planning and corporate broking group,
is pleased to announce that it has agreed to acquire 63% of the
share capital of Logic Investments Ltd ('Logic'), subject to FCA
approval.
Oberon has also raised approximately GBP1.75 million before
expenses, through a conditional placing, via Oberon Capital, of
50,125,311 new shares of 0.5 pence each in the Company at a price
of 3.5p per share (the 'Placing'). The Placing was completed at a
premium to the mid-market price of the Company's shares at the
close of business on 19 January 2023 and was supported by new and
existing institutional shareholders. The Placing Shares are being
issued under the Company's existing share authorities.
The net proceeds of the Placing will be applied to support the
expansion of the Company's Corporate Advisory and Investment
Management business divisions and to accelerate growth in 2023.
Acquisition of majority stake in Logic
-- Logic provides custody and administration ('Back Office')
services to investment managers and financial institutions.
-- Logic has grown its Funds Under Management and Administration
('FUMA') to in excess of GBP275 million.
-- Post completion, Oberon will be combining its own Back Office
functions with Logic, meaning the transfer of Oberon's FUMA to
Logic over the next 12 months.
-- The acquisition will enable Logic to develop a market-leading
Back Office service, as well as supporting Oberon's growing
Investment Management and Corporate broking businesses.
-- As the business develops, it is intended that Logic will
expand its services, to offer a disruptive, 'best in class' Back
Office service to other external investment managers and financial
institutions.
Oberon Chief Executive Officer Simon McGivern said: "We are very
excited to join forces with Logic's experienced management team.
This deal will provide a robust platform to support Oberon's future
growth, growth which has been underpinned by providing the highest
quality operational and custody services to our clients. As we
progress, we aim to add additional services to Logic's platform and
work with suppliers to create a market leading custody and
administration offering for other like-minded institutions, to take
advantage of the rapidly changing capital markets.
We are also pleased to receive strong continued support from our
existing investor base, and welcome new institutional investors,
with the strongly subscribed placing completed above Oberon's
closing mid-price."
Note
The Placing is conditional on admission of the Placing Shares to
trading on AQSE ("Admission"). Following Admission, the Placing
Shares will represent, in aggregate, approximately 9.6 per cent. of
the Company's enlarged issued ordinary share capital.
Admission to Trading on AQSE and Total Voting Rights Application
has been made for the Placing Shares, which will rank pari passu
with the existing ordinary shares, to be admitted to trading on
AQSE, with admission expected to become effective on 25 January
2023. Following the Placing, the total issued share capital of the
Company will be 520,249,641 ordinary shares, with no shares in
Treasury. Therefore, the total current voting rights in the Company
following Admission will be 520,249,641 and this figure may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Enquiries:
Oberon Investments Group plc
Simon McGivern / John Beaumont 020 3179 5300
Novum Securities Limited (AQSE Corporate
Adviser and Broker to the Company)
Richard Potts, George Duxberry 020 7399 9400
Oberon Capital (Broker to the Company)
Mike Seabrook, Nick Lovering 020 3179 5300
Notes for editors
Oberon operates in the UK wealth and fund management sector and
in the corporate broking and financial advisory sectors. Since
Oberon Investments Ltd was established in April 2017, Oberon
group's FUMA have grown to in excess of GBP1 billion as at 30
September 2022. This has been achieved organically by adding new
clients and new fund managers, attracted by the emerging brand and
by a number of small, selective and accretive acquisitions. Oberon
Capital, the corporate broking division, provides advice and raises
capital for companies from seed and early-stage funding through to
IPO and beyond.
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END
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