Premier Asset Management – 175p

4 September 2019 – merger

Premier Asset Management and Miton Group have announced that they have reached agreement on the terms of a recommended all-share merger.  Under the terms of this holders of Miton Group shares will be entitled to receive 0.30186 Premier Asset Management share in exchange for each Miton share.  This effectively values each Miton Group share at 56.74p, comprising an equity value of 51.84p and a special dividend of 4.9p per Miton Group share.  Following completion of the merger, Miton Group shareholders will own approximately a third of the combined company, which will continue to be traded on AIM.  This appears to be a sensible deal and we rate the shares as a BUY at the current level.

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