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It ‘now intends to change its business strategy’ after £5.7m investment in River and Mercantile
Assetco has doubled its stake in River and Mercantile as it unveils plans to reinvent itself as an asset and wealth management business.
An RNS filing from 8 February 2020 shows Martin Gilbert-backed Assetco bought 2.5 million shares at £2.28 per share in the asset management business.
The £5.7m ($7.83m, €6.5m) investment brings Assetco’s total share capital 2.5 million shares to 5.6%.
The board told investors that it “now intends to change its business strategy to the development of an asset and wealth management business” and as a result would re-list its shares on the Aim index within three months.