2023-07-17 05:49:04
The Swiss management company GAM Holding, currently subject to a takeover offer from the British LionTrust, has just published interim results for the first half of 2023. It forecasts an underlying pre-tax loss of around 23 million Swiss francs for the first six months of the year. Assets under management “remain relatively stable” at 68 billion Swiss francs, compared to 75 billion at the end of December 2022. These assets include 21.9 billion francs for the Investment Management division and 46.1 billion for the Fund Management Services division in the process of to be sold to Carne Group.
In the first half of 2022, the Swiss group had recorded a pre-tax loss of 15.4 million and a net loss of 275.2 million. It should have partially absorbed it this year with an expected net loss of 71 million for the first six months of 2023. It specifies that “the financing facilities made available by Liontrust on May 4, 2023, which would not be available if Liontrust’s offer was not successful, are used to finance the group’s ongoing activities”. Liontrust’s offer was opened to shareholders on June 28 and runs until July 25.
In parallel with these preliminary results (the final ones will be published on August 3), David Jacob, the president of GAM Holding specifies that the main shareholder of GAM, Silchester, supports Liontrust’s offer.
An extraordinary general meeting is scheduled for August 25. GAM recalls in its press release that “the fact that the shareholders have or have not tendered their shares to the Liontrust offer or that they intend to do so has no impact on their right to participate in the general meeting. meeting of GAM and, in particular, to exercise their voting rights therein”.
Read also: Liontrust’s outstandings fall by 6% in the second quarter
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