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Premier fails in initial MBO move

The proposed management buyout of Premier Asset Management has come under threat today after the group attracted less than half the required shareholder support.

Only 40.47 per cent of shareholders voted in favour of the MBO by the August 13 deadline, with the group looking to garner a 90 per cent majority.

Last month Premier’s management board accepted plans to take the fund firm off the Alternative Investment Market in a £51.9m buyout by the managers, backed up by private equity firm Electra Partners.

However, the MBO, which was made through bid vehicle Harvard Bidco, has had its fair share of opposition with the Water Hall group and Unicorn Asset Management’s Peter Webb, who owns 9.5 per cent through Eaglet Investment trust, both known opposers of the bid.

The group has now extended the offer period until August 24 and has urged shareholders to accept the agreed bid, while it is also likely that backers of the bid are likely to lower the share majority needed to pass the proposals.


Aegon life and pensions business increases 21 per cent

Aegon UK’s new life and pensions business increased by 21 per cent from £499m in the first half of 2006 to £606m in the same period this year.The life office released its interim results yesterday which showed operating earnings increased by 23 per cent from £75m to £92.6m.Aegon’s value of new business rose 48 per […]

MM targeting offshore arena

Money Marketing is launching a monthly supplement covering the offshore savings and investment market.International Money Marketing starts next month and will be published monthly alongside MM.As well as investment, it will also look at offshore banking and how offshore investments can be used to offset tax liabilities.Several UK life firms are reporting record growth in […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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