7th Apr 2005 14:00
Rathbone Brothers PLC07 April 2005 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTOTHE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Rathbone Brothers Plc ("Rathbones") Proposed merger of Rathbones and Rensburg plc ("Rensburg") Rathbones continues to regard the strategic and financial case for mergingRensburg and Rathbones as compelling but, in the absence of a recommendationfrom the Rensburg Board, it has decided not to proceed with an offer to acquireRensburg. In arriving at its decision, Rathbones has considered feedback fromcertain key shareholders in Rensburg and has been determined that its finalproposal should be earnings enhancing within a reasonable timeframe. Mark Powell, chairman of Rathbone Brothers Plc, said: "We will continue topursue our existing strategy of developing our investment management and wealthmanagement businesses organically, as well as by selective acquisitions andrecruitments where these are culturally compatible and demonstrably earningsenhancing to Rathbones' shareholders. "We have the management strength, systems capacity and operational capability toaccommodate a significant increase in client numbers and funds under management.As the results for the year to 31st December 2004 showed, Rathbones' financialperformance has been excellent and the organic growth of funds under managementis most encouraging in the first three months of 2005." Enquiries: Rathbones Mark Powell, Chairman Tel: 020 7399 0000Andy Pomfret, Chief Executive Financial Dynamics (Financial PR advisers to Rathbones)Andrew WaterworthEd Gascoigne-Pees Tel: 020 7831 3113 Dresdner Kleinwort Wasserstein Limited(Joint financial adviser to Rathbones)Christopher Baird Tel: 020 7623 8000 Hawkpoint Partners Limited(Joint financial adviser to Rathbones)Charles Williams Tel: 020 7665 4500 Bridgewell Securities Limited(Corporate broker to Rathbones)Ben Money-Coutts Tel: 020 7003 3000 Dresdner Kleinwort Wasserstein Limited and Hawkpoint Partners Limited, which areauthorised and regulated in the United Kingdom by the Financial ServicesAuthority, are acting as joint financial advisers to Rathbone Brothers Plc andfor no one else in connection with the possible offer and other mattersdescribed herein and will not be responsible to anyone other than RathboneBrothers Plc for providing the protections afforded to customers of DresdnerKleinwort Wasserstein Limited or Hawkpoint Partners Limited or for giving advicein relation to the possible offer or in relation to the contents of thisannouncement or any other matter described in this announcement. Bridgewell Securities Limited, which is regulated in the UK by the FinancialServices Authority, is acting exclusively for Rathbone Brothers Plc and no oneelse in connection with the possible offer and other matters described hereinand will not be responsible to anyone other than Rathbone Brothers Plc forproviding the protections afforded to customers of Bridgewell Securities Limitedor for giving advice in relation to the possible offer or in relation to thecontents of this announcement or any other matter described in thisannouncement. Note For the purposes of Note 2 on Rule 2.8 of The City Code on Takeovers andMergers, Rathbones reserves the right to set aside this statement within thenext six months with the agreement or recommendation of the Board of Rensburg. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rathbone