Sanne Group PLC Disposal of SANNE's Jersey private client business (1821G)
16 Marzo 2020 - 8:00AM
UK Regulatory
TIDMSNN
RNS Number : 1821G
Sanne Group PLC
16 March 2020
Sanne Group plc
(SANNE or the Group)
Disposal of SANNE's Jersey private client business
SANNE, a leading global provider of alternative asset and
corporate business services, has reached agreement to sell its
Jersey based private client business (the Business) to JTC plc
(JTC).
As part of the transaction, it is intended for all clients and
staff of the Business to transfer to JTC. Completion of the
transaction is subject to the receipt of regulatory approvals and
is anticipated that the transaction will complete during 2020.
This transaction represents an important strategic move in
focusing SANNE on its core, high growth global alternatives
markets. Following the transaction, SANNE's alternatives business
will represent over 90% of the Group's activities.
Given the size of the Business and JTC's experience and platform
in the market, transfer of the clients and employees is expected to
occur swiftly following receipt of all necessary approvals. The
consideration to be paid for the Business is capped at a maximum of
GBP12m, to be paid in cash upon completion, and subject to the
satisfactory migration of clients to JTC.
In its full year results for the year ending 31 December 2019,
SANNE expects to report that the Business generated revenue of
GBP5.7 million and gross profit of GBP3.7 million during 2019. Due
to natural client attrition in 2019, the run rate revenues of the
clients expected to transfer to JTC will be slightly lower. The
gross assets associated with the Business, at 31 December 2019, are
expected to be GBP3.0 million. Proceeds from the sale will be used
to reduce Group leverage and, as a result, the transaction will
have a small dilutive impact on Group earnings.
Martin Schnaier, Chief Executive Officer at SANNE said about the
transaction:
"As SANNE continues to focus its global operations on the
growing alternatives and corporate sector, we were keen to ensure
we found a leading player in the market that shares the same
passion for high quality client service as we do. We believe our
people and our clients will benefit from JTC's experience and
expertise in this sector. I wish all of our people every success as
they enter a new chapter with JTC."
Nigel Le Quesne, Chief Executive Officer of JTC plc said:
"We are delighted to welcome SANNE's private client team and
clients to JTC. We have built a strong reputation for client
service excellence, innovation and consistent growth. Our Jersey
platform continues to deliver strong commercial performance, and we
look forward to using our extensive acquisition experience to
ensure a positive and seamless transition for both clients and new
colleagues.
In these uncertain times we are focused on looking after our
fantastic people. We have a great business which has consistently
demonstrated excellent resilience and sustained growth throughout
multiple economic cycles."
Enquiries:
Sanne Group plc +44 (0) 1534 722 787
Martin Schnaier, Chief Executive Officer
James Ireland, Chief Financial Officer
Tulchan Communications +44 (0) 20 7353 4200
Tom Murray
Notes to editors:
THE ANNOUNCEMENT MAY CONTAIN "FORWARD-LOOKING STATEMENTS".
FORWARD-LOOKING STATEMENTS SOMETIMES USE WORDS SUCH AS "AIM",
"ANTICIPATE", "TARGET", "EXPECT", "ESTIMATE", "INTEND", "PLAN",
"GOAL", "BELIEVE", "SEEK", "MAY", "COULD", "OUTLOOK" OR OTHER WORDS
OF SIMILAR MEANING. BY THEIR NATURE, ALL FORWARD-LOOKING STATEMENTS
INVOLVE RISK AND UNCERTAINTY BECAUSE THEY RELATE TO FUTURE EVENTS
AND CIRCUMSTANCES WHICH ARE BEYOND THE CONTROL OF THE COMPANY. AS A
RESULT, THE ACTUAL FUTURE FINANCIAL CONDITION, PERFORMANCE AND
RESULTS OF THE COMPANY MAY DIFFER MATERIALLY FROM THE PLANS, GOALS
AND EXPECTATIONS SET FORTH IN ANY FORWARD-LOOKING STATEMENTS. ANY
FORWARD-LOOKING STATEMENTS MADE HEREIN SPEAK ONLY AS OF THE DATE
THEY ARE MADE AND THE COMPANY DOES NOT ASSUME OR UNDERTAKE ANY
OBLIGATION OR RESPONSIBILITY TO UPDATE ANY OF THE FORWARD-LOOKING
STATEMENTS CONTAINED IN THIS ANNOUNCEMENT, WHETHER AS A RESULT OF
NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT
LEGALLY REQUIRED.
About SANNE
SANNE is a leading global provider of outsourced alternative
asset and corporate business services. Established for over 32
years and listed as a FTSE 250 company on the Main Market of the
London Stock Exchange, SANNE employs more than 1,800 people
worldwide and administers structures and funds that have in excess
of GBP250 billion of assets.
Key clients include leading alternative asset managers, global
financial institutions, family offices and international
corporates. SANNE operates from a global network of offices located
in leading financial jurisdictions, which are spread across the
Americas, Europe, Africa and Asia-Pacific.
sannegroup.com
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END
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