Alliance Trust PLC — Net Asset Value 2018

Jan 24, 2018

National Storage Mechanism | Additional information

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Sale of Liontrust Asset Management PLC shares

Alliance Trust PLC ("Alliance Trust") announces that it has successfully sold 4,060,792 ordinary shares ("Placing Shares") in Liontrust Asset Management Plc ("Liontrust") to institutional investors at a price of 520p per share, raising net proceeds of c£21m. The Placing Shares represent approximately 8.2% of Liontrust's entire issued share capital.

The sale was made with the agreement of Liontrust and conducted on the behalf of Alliance Trust by Canaccord Genuity Limited ("Canaccord") acting as sole bookrunner.

As previously announced, on completion of the sale of Alliance Trust Investments ("ATI") to Liontrust on 1 April 2017, Alliance Trust accepted 5,075,990 Liontrust shares, then valued at around £17 million, as part of the consideration agreed for the sale. Alliance Trust received 4,060,792 shares on 3 April 2017 and a further 1,015,198 shares are due to be received by Alliance Trust by 16 April 2018, subject to a one year lock-up.

The sale price of 520p per share of the Placing Shares represents a price close to the average mid-market price of Liontrust shares over the past 30 days and represents a significant return of 55.3% on the price of 334.9p at which the shares were issued. This return reflects the strong performance of Liontrust since buying ATI in April 2017.

When ATI was sold, it was expected that the net proceeds of the sale would be not less than £25m, before any future contingent consideration. Alliance Trust now expects that the net proceeds will be not less than £35m, before any future contingent consideration.

Notes

1. The consideration of up to £30 million that was agreed with Liontrust for the sale of ATI comprised up to £10 million in cash (the anticipated value of net assets at the time of completion), £17 million in Liontrust shares (£13.6 million equating to 4,060,792 shares which were allotted and issued on completion, and £3.4 million equating to 1,015,198 shares to be allotted and issued within 10 business days of the first anniversary of the completion date) and £3 million in cash as a contingent consideration, dependent on the future level of assets under management payable two years after completion.

2. The calculations of the total consideration assume that all the consideration shares are sold (i) at the issue price or (ii) at the closing mid-market share price at the close of business on 23 January 2018.

Contact Details

Michelle Clarke, Martin Pengelley

Tulchan Communications                               t: 02073534200

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*This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Alliance Trust PLC via Globenewswire*