17th May 2007 07:54
F&C Asset Management PLC17 May 2007 F&C ASSET MANAGEMENT PLC The Company has been informed that Eureko B.V., the Company's second largestshareholder, intends to sell up to 44 million shares representing approximately9.1% of the outstanding F&C share capital. The full text of a release issued today by Eureko B.V. providing the rationalefor the disposal and re-affirming Eureko's strategic commitment to the Companyis attached below. - Ends - Eureko B.V., Press Release For release at 0820 CET Thursday 17 May 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,AUSTRALIA, CANADA OR JAPAN OR TO US, AUSTRALIAN, CANADIAN OR JAPANESE PERSONS. Eureko to Sell Part of F&C Shareholding to Focus on Core Markets Eureko B.V., which currently has approximately a 19.6% shareholding in F&C AssetManagement plc, has today announced that it intends to sell up to 44 millionordinary shares, which represents approximately 9.1% of the outstanding F&Cshare capital. The disposal is driven by Eureko's strategic focus on itsdevelopment in Central/Eastern Europe, and a decision to re-allocate some of itscapital to further expansion in those markets. Specifically, it will use some ofthe capital realised from the sale of F&C shares to partially fund therecently-announced acquisition of insurance businesses in Turkey, from GarantiBank. Eureko's relationship with, and strategic commitment to, F&C will be unaltered;there will be no change to the investment management contracts with Eureko Groupcompanies, which are subject to long-term mandates. These mandates run at leastuntil 2014 and operate well. Eureko remains a key investor in F&C and iscurrently its second-largest shareholder. In addition to the on-going long term contract with F&C, Eureko intends toretain its seat on the Board of F&C. Further, there will be a lock-up of 12months for the remaining F&C shares retained by Eureko, subject to certainexceptions. Eureko is strongly supportive of F&C's recently adopted three-yeargrowth plan. F&C will participate in a roadshow to market the offer which, if successful infull, upon completion, will result in an increased F&C free-float. The twinbenefits for F&C are that the core shareholder structure remains in place, andthat there will be improved liquidity, giving an opportunity to broaden F&C'sinvestor base. Ends Zeist 17 May 2007 Morgan Stanley is acting as adviser and book runner to Eureko on thetransaction. For further information, contact, At Eureko: Lorrie Morgan (Intl media) Tel: +31 30 693 7065 Mobile: +31 654 93 72 72 Marco Simmers (Dutch media) Mobile: +31 653 43 87 18 Barth Scholten (Investor Relations) Tel: +31 30 693 7051 At F&C: Jason Hollands: Tel: +44 20 7011 4168 Mobile: +44 7768 661 382 This announcement has been issued by Eureko and is the sole responsibility ofEureko. Morgan Stanley & Co. International plc is acting for Eureko and no-one else inconnection with the placing of the F&C shares and will not be responsible toanyone other than Eureko for providing the protections afforded to its clientsnor for providing advice in relation to the placing or any other matter referredto in this announcement. This announcement is for information purposes only and does not constitute anoffer or an invitation to acquire or dispose of any securities or investmentadvice in any jurisdiction. This announcement does not constitute an offer to sell or issue or thesolicitation of an offer to buy or subscribe for securities in the UnitedStates, Australia, Canada or Japan or to US Persons, (as defined underRegulation S of the US Securities Act of 1933) or to Australian, Canadian orJapanese Persons or any jurisdiction in which such offer or solicitation isunlawful. This announcement is not for publication or distribution or release in theUnited States. The shares in F&C Asset Management plc referred to in thisannouncement have not been, and will not be, registered under the US SecuritiesAct of 1933 and may not be offered or sold in the United States absentregistration or an exemption from registration. There will be no public offeringof the securities referred to in this announcement in the United States. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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