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Ashcourt accepts £13m bid

Article Date:  Sep 09 2005

Aspiring AIM candidate Syndicate Asset Management (SAM) is buying investment manager Ashcourt Holdings for £12.9 million.

SAM, a private concern seeking to build itself up into a 'strategic' investment company and fund management group, has agreed to pay 210p cash for Ashcourt. This values Kent-based Ashcourt at £13 million and represents a premium of 73 per cent on September 8's closing AIM price for Ashcourt, which increased pre-tax profits 7.5 per cent to £2322,444 in the year to last April on turnover 26 per cent ahead at £5.8 million.

David Pinkney, chairman of SAM, is understood to see the Ashcourt deal as paving the way for an AIM float for the enlarged group. He intends to pursue an acquisitive growth strategy 'through the purchase of other quoted and unquoted fund management companies' as well as organic growth.

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