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Liontrust management make a tentative offer for company

Staff at investment boutique Liontrust are waiting to find out the basis of a tentative management-led bid for the company.

The firm says a management-initiated bid could lead to an offer for the whole of the firm’s issued share capital.
On November 5, the Stock Exchange was told of the tentative offer and on November 8, it was announced that the firm had entered into an official offer period. Liontrust has 35,000,761 ordinary shares in issue.

Founded in 1994, Liontrust is already part-owned by the management team. It provides process-driven management services targeted mainly at professional investors and advisers.

It manages segregated and pooled pension fund acc-ounts, unit trusts, offshore funds and an absolute return fund.
Annual results show that funds under management increased by 96 per cent in the year to March 2004, including £780m in net new institutional business and 440m in net unit trust sales. Funds under management in July stood at 5.1bn.

The firm’s flagship first income fund, managed by Jeremy Lang, has £939m under management and has raised its dividend for eight years consecutively.

Marketing services manager Nick Pilkington says: “There is no information available as to what the offer could mean. The announcement means there is an investigation into what might happen.

“The investigation is at a very early stage and so it is impossible to say what form the offer will take.”

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