• Termination of Merger Talks

    Source: Nasdaq GlobeNewswire / 31 Aug 2017 13:26:37   Eastern Standard Time

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

    For immediate release

    31 August 2017

    Rathbone Brothers Plc ("Rathbones")

    Termination of Merger Talks

    The Board of Rathbones announces that further to the announcement made on 21 August 2017, exclusive merger discussions with Smith & Williamson have been terminated.

    Following very extensive due diligence and negotiations, we have been unable to conclude a transaction that is in the best interests of Rathbones shareholders.

    Philip Howell, Chief Executive said:

    "We continue to believe that our proposition was both a compelling strategic and value creation opportunity for all Smith & Williamson's stakeholders. The potential combination was intended to accelerate Rathbones' existing strategy, but ultimately we were unable to agree terms that offered our shareholders an appropriate balance of risk and reward. Rathbones remains confident in its strategy and will continue to look for growth opportunities in the sector and assess them with discipline."

    Rathbones has incurred a non-underlying charge of approximately £5 million in 2017 for expenses associated with the prospective transaction, of which £1.8 million was reported within other expenses in our interim statement for the six months ended 30 June 2017.

    The person responsible for arranging this announcement on behalf of Rathbones is Ali Johnson, Company Secretary.

    For further information contact:

    Rathbone Brothers Plc
    Philip Howell, Chief Executive
    Paul Stockton, Finance Director

     
      +44 (0) 20 7399 0000
    Camarco (Communications Adviser)
    Ed Gascoigne-Pees
    Hazel Stevenson 
     

    +44 (0) 20 3757 4984

    +44 (0) 20 3757 4989 

     

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    This announcement is not intended to, and does not, constitute, represent or form part of any offer, invitation or solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.




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    Source: Rathbone Brothers Plc via Globenewswire