Premier Miton Group plc (AIM:PMI) agreed to acquire unknown majority stake in Tellworth Investments LLP from Paul Marriage and John Warren, BennBridge Hold Co Ltd on November 1, 2023.The initial consideration for Tellworth will be based on AuM at completion. At the current AuM this will be £5.5 million but this can vary between £3.5 million and £6 million depending on AuM at completion. Initial consideration will be payable 75% to Paul Marriage and John Warren and 25% in cash to the Exiting Shareholder.

The consideration shares issued to Continuing Shareholders will have selling restrictions, namely 25% must be held for one year and 75% must be held for two years. An additional consideration of up to £3 million may be payable depending on AuM growth between completion and the first anniversary of completion with the maximum amount payable if AuM at the first anniversary date exceeds £850 million. This will be payable 95% to Continuing Shareholders in PMI shares or cash and 5% payable in cash to the Exiting Shareholder.

Any shares issued as part of the additional consideration are to be held until three years from the date of completion. The acquisition is subject to customary approval by the Financial Conduct Authority and is expected to complete in early 2024. The Tellworth business will transition onto the Premier Miton platform in the second half of 2024.

Investec Bank plc acted as financial advisor to Premier Miton Group plc (AIM:PMI).