TIDMEVG
RNS Number : 3240S
Evolution Group PLC
18 November 2011
Embargoed until 7.00am 18 Nov 2011
The Evolution Group Plc
(the "Evolution Group", the "Group", the "Company")
Interim Management Statement
Evolution Group, the listed investment bank and private client
investment management group, today announces its second Interim
Management Statement for the financial year ending 31 December
2011, as required by the UK Listing Authority's Disclosure and
Transparency Rule 4.3. This relates to the period from 1 July 2011
to today's date.
Investec Offer
As announced on 27(th) October 2011, the Group's shareholders
voted by the requisite majority to approve Investec plc's
acquisition of the Group. The hearing of the petition to the Court
to sanction the Court sanctioned scheme of arrangement under Part
26 of the Companies Act 2006 (the "Scheme") and to confirm the
related Capital Reduction is expected to take place on 13 December
2011, although this is dependent on certain conditions to the
Scheme having been satisfied by that date, including the receipt of
requisite regulatory and anti-trust clearances.
Subject to the Court sanctioning the Scheme and the satisfaction
of certain other outstanding conditions, it is expected that the
last day for dealings in Evolution Shares will be 13 December 2011
and the Scheme will become effective on 14 December 2011. If the
Scheme becomes effective on 14 December 2011, it is expected that
the new Investec plc shares to be allotted to existing Evolution
Group shareholders pursuant to the Scheme will be admitted to the
official list of the UK Listing Authority and to trading on the
London Stock Exchange's Main Market for listed securities on the 14
December 2011 and the listing of Evolution will be cancelled on 14
December 2011.
Group performance
Despite ongoing tough market conditions, we are pleased to
announce that the Group is line to meet the Board's expectations
regarding trading performance.
Private Clients(1)
As announced on the 20 October 2011, Williams de Broe completed
the acquisition of BNP Paribas Private Investment Management
Limited from BNP Paribas Wealth Management S.A.
Although still in its infancy the acquisition is proceeding
smoothly, bringing GBP1.5bn of new Assets under Management to the
business.
Our Private client business also continued to see momentum in
organic new fund sales, with Q3 gross inflows of GBP96m (Q3 2010:
GBP95m), whilst also continuing to attract high calibre
professionals to its investment management and business development
teams.
As a result of these organic and inorganic inflows offsetting
recent market falls Assets under Management have grown to be
GBP7.1bn at the end of October 2011, up 18% from GBP6.0bn at 30
June 2011. We believe this increase in Assets under Management,
combined with a scalable business model, leaves Williams de Broe
well placed to further increase its profits and margins.
Investment Banking(2)
Our Investment Banking division has been significantly impacted
by the recent turbulent market conditions and the inherent
uncertainty over the Group's future following Investec's initial
offer on the 3 August.
As a result of these two factors, income is considerably down in
Q3, resulting in the business accruing a year to date loss at the
adjusted operating level.
Due to the current depressed levels of income within the
business, Management has taken action to reduce the cost base from
Q4 onwards. This has been achieved by reducing headcount by 60
employees and continuing to have a disciplined approach to all
areas of discretionary expenditure.
Despite these recent losses, the corporate finance and debt
capital markets ("DCM") pipelines remain strong, including seven
IPOs, six further retail bond mandates and a number of secondary
equity raisings expected to complete before the year end.
To date in 2011, the investment banking division has acted on 10
equity capital market transactions, with a total of GBP1.4bn raised
by its clients. Our DCM business has completed three mandates
during the period, notably including Tesco Bank (raising GBP125m),
Places for People (the first social housing retail bond issue,
raising GBP145m) and National Grid (the first RPI-linked retail
bond, raising GBP282.5m).
Notes
(1) The results of Private Clients are defined as those arising
from Williams de Broe Limited, WDB Asset Management Limited, WDB
AssetMaster Management Company Limited and from Williams de Broe
Private Investment Management Limited (Formally BNP Paribas Private
Investment Management Limited).
(2) The results of Investment Banking are defined as those
arising from Evolution Securities Limited, its subsidiary Evolution
Securities (US) Inc. ("ESUS") and Darwin Strategic Limited
("Darwin").
Forward looking statements
This interim management statement may contain forward-looking
statements with respect to the financial condition, results,
operations and businesses of The Evolution Group Plc. Such
statements and forecasts involve risk and uncertainty because they
relate to events and depend upon circumstances that will occur in
the future. There are a number of factors that could cause actual
results or developments to differ materially from those expressed
or implied by forward-looking statements and forecasts.
Forward-looking statements and forecasts are based on the
Directors' current view and information known to them at the date
of this statement. The Directors do not make any undertaking to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Nothing in
this interim management statement should be construed as a profit
forecast.
-Ends-
For further information, please contact:
The Evolution Group Plc
Alex Snow, Chief Executive Officer 020 7071 4300
Pelham Bell Pottinger (Financial PR to Investec) 020 7861 3925
Victoria Geoghegan
Notes to Editors:
The Evolution Group Plc
The Evolution Group is the holding company of Evolution
Securities Limited, Williams de Broe Limited and Evolution
Securities China Limited. Founded in April 2001 and originally
listed on AIM, the Evolution Group joined the LSE Official List in
2003; the Group currently has a market capitalisation of
approximately GBP180 million.
Evolution Securities Limited is a leading investment bank
focused on UK mid cap public companies. It provides a full range of
investment banking services including equity research,
institutional sales and trading, market making and corporate
finance advice. Evolution Securities Limited has over 70 retained
corporate clients. It is authorised and regulated by the Financial
Services Authority.
Williams de Broe Limited is one of the UK's leading and fastest
growing private client investment managers, with offices in Bath,
Birmingham, Bournemouth, Edinburgh, Exeter, Guildford and London.
Williams de Broe Limited is authorised and regulated by the
Financial Services Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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