JTC PLC Payment of SALI earnout and issue of equity (4444Z)
12 Gennaio 2024 - 8:00AM
UK Regulatory
TIDMJTC
RNS Number : 4444Z
JTC PLC
12 January 2024
12 January 2024
JTC PLC
(the "Company" and together with its subsidiaries " JTC " or the
" Group " )
Payment of SALI earnout and issue of equity
Further to the Company's announcements on 6 October 2021 and 12
November 2021 of the acquisition of SALI Fund Management, LLC and
SALI GP Holdings, LLC (together "SALI"), JTC announces that,
following the achievement of performance targets for the two-year
period post completion set out in the earn-out terms of the
Securities Purchase Agreement, further consideration of $31.5
million is payable. The further consideration will comprise of
$26.8m in cash and 465,516 new JTC ordinary shares, equivalent to
$4.7m. The shares are subject to a 12 month lock-in period and
orderly market provisions. The cash element will be satisfied from
the Group's existing resources.
Admission and Total Voting Rights
Applications have been made to the Financial Conduct Authority
("FCA") and London Stock Exchange plc (the "London Stock
Exchange"), respectively, for 465,516 new ordinary shares of
GBP0.01 each in the capital of the Company (the "Shares") to be
admitted to the premium listing segment of the Official List of the
FCA and to trading on the main market of the London Stock Exchange
("Admission"). It is expected that Admission will become effective
and dealings in the Shares will commence at 8.00am on Wednesday 17
January 2024.
Following Admission the Company will have 165,987,194 ordinary
shares of GBP0.01 each in issue. There are no shares held in
treasury. Therefore, following Admission the total number of voting
rights in the Company will be 165,987,194 (the "Voting Rights
Figure"), and this Voting Rights Figure may be used by the
Company's shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
voting rights interest, or a change to that interest, in the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Nigel Le Quesne, Chief Executive Officer, commented:
"We are very pleased with SALI's performance in the
post-acquisition period. SALI has performed in line with
expectations and has integrated well into the Group with
particularly strong cultural alignment. SALI continues to provide
highly predictable, long-term revenue streams with further growth
opportunities in the future."
Enquiries:
JTC PLC
Miranda Lansdowne
JTC (Jersey) Limited, Company Secretary
+44(0)1534 816 290
Miranda.Lansdowne@jtcgroup.com
About JTC
JTC is a publicly listed, global professional services business
with deep expertise in fund, corporate and private client services.
Every JTC person is an owner of the business and this fundamental
part of our culture aligns us with the best interests of all of our
stakeholders. Our purpose is to maximise potential and our success
is built on service excellence, long-term relationships and
technology capabilities that drive efficiency and add value.
www.jtcgroup.com
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END
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