Ad hoc announcement: GAM Holding AG enters into constructive and productive discussions with Newgame
24 Août 2023 - 7:25AM
Ad hoc announcement: GAM Holding AG enters into constructive and
productive discussions with Newgame
24 August 2023
PRESS RELEASE
Ad hoc announcement pursuant to Art. 53 Listing Rules:
GAM Holding AG enters into
constructive and productive
discussions with Newgame
GAM Holding AG (“GAM”) Board of Directors (“GAM Board”) notes
the interim results of the Liontrust Asset Management plc
(“Liontrust”) tender offer (“Liontrust Offer”) and the expectation
that they will declare it unsuccessful on 29 August 2023.
The GAM Board has entered into constructive and productive
discussions with representatives of the investor group “Newgame”,
including Rock Investment SAS (“Rock”), Newgame SA and Bruellan SA.
These discussions are focused on agreeing short term bridge
financing which has been offered by Rock on 18 August 2023.
In addition, Newgame has recognised the need to ensure that GAM
has appropriate and adequate financing to continue as a going
concern.
Newgame will embark on immediate discussions with GAM portfolio
management teams to ensure that they have a full understanding of
Newgame’s business plan and their aspirations for making GAM a
success. In addition, Newgame recognises that GAM is built on its
clients and their confidence in GAM’s ability to deliver its
investment teams, client servicing activities and a stable
future.
The GAM Board recognises the importance of GAM shareholders
determining a change in the GAM Board composition and looks forward
to receiving the Newgame proposals for a future Extraordinary
General Meeting.
These constructive and productive discussions are ongoing and
are expected to conclude shortly. The GAM Board will provide an
update as soon as such discussions have progressed further.
The GAM Board appreciates the patience of shareholders, clients
and employees during this process and are confident that a clear
path forward can be established imminently.
David Jacob, Chairman of the
GAM Holding AG, said: “The GAM
Board acknowledges that the majority of our shareholders have not
found the Liontrust Offer compelling. I am pleased that we have
entered constructive and productive discussions with Newgame and
that these discussions continue at speed.”
Upcoming events:
19 October
2023 Q3
2023 Interim Statement
For further information please contact:
Charles Naylor
Head of
Communications and Investor RelationsT +44 7890 386 699
Media
Relations Ute
Dehn Christen T +41
58 426 31 36
Visit us: www.gam.comFollow us: Twitter and LinkedIn
GAM
GAM is an independent investment manager that is listed in
Switzerland. Total assets under management were CHF 68 billion as
at 30 June 2023, with Investment Management at CHF 21.9 billion and
Fund Management Services at CHF 46.1 billion. GAM has global
distribution with offices in 14 countries and is geographically
diverse with clients in almost every continent. It has 3,500
clients globally, of which c. 2,700 are based in Europe.
Headquartered in Zurich, GAM Investments was founded in 1983 and
its registered office is at Hardstrasse 201 Zurich, 8037
Switzerland.
Other Important Information
This release contains or may contain statements that constitute
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“expect”, "estimate", "aim", “project”, “forecast”, "risk",
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“might”, "will", "continue", "plan", "probability", "indicative",
"seek", “target”, “plan” and other similar expressions are intended
to or may identify forward-looking statements.
Any such statements in this release speak only as of the date
hereof and are based on assumptions and contingencies subject to
change without notice, as are statements about market and industry
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statements in this release are not indications, guarantees,
assurances or predictions of future performance and involve known
and unknown risks, uncertainties and other factors, many of which
are beyond the control of the person making such statements, its
affiliates and its and their directors, officers, employees, agents
and advisors and may involve significant elements of subjective
judgement and assumptions as to future events which may or may not
be correct and may cause actual results to differ materially from
those expressed or implied in any such statements. You are strongly
cautioned not to place undue reliance on forward-looking statements
and no person accepts or assumes any liability in connection
therewith.
This release is not a financial product or investment advice, a
recommendation to acquire, exchange or dispose of securities or
accounting, legal or tax advice. It has been prepared without
taking into account the objectives, legal, financial or tax
situation and needs of individuals. Before making an investment
decision, individuals should consider the appropriateness of the
information having regard to their own objectives, legal, financial
and tax situation and needs and seek legal, tax and other advice as
appropriate for their individual needs and jurisdiction.
- 2023 08 24 Ad hoc GAM Holding AG enters into constructive and
productive discussions with Newgame_EN
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