Ashmore Group (LSE:ASHM)
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RNS Number : 6430R
Ashmore Group PLC
08 November 2011
RNS Number: 422887
Ashmore Group plc
8 November 2011
As stated in the interim management statement published on 13 October 2011, the upfront consideration payable for Ashmore Group plc's ("Ashmore") controlling stake in Emerging Markets Management, L.L.C. ("the Business") announced on 24 February 2011 (the "Acquisition") has been adjusted based on the net AuM flows achieved by the Business in the period to 30 September 2011. As a result, 543,633 Ashmore shares have been cancelled.
Following this adjustment, the total consideration for the Acquisition remains US$246.0 million comprised as follows:
-- Upfront consideration of US$80.8 million payable in cash and US$22.2 million in new ordinary Ashmore shares, or approximately 3.8 million shares, which will be restricted from sale for a period of up to three years post-completion; and
-- Contingent consideration to a maximum of US$143.0 million payable in three annual instalments based on the achievement of certain financial targets over the three years following completion. Contingent consideration will be payable in a combination of cash and new Ashmore ordinary shares at the prevailing market price, such combination to be determined at Ashmore's discretion. Any contingent consideration is payable in three annual instalments in the periods to 31 May of 2012, 2013 and 2014, correcting the acquisition note in the annual accounts which stated annual instalments in the periods to 31 December of 2011, 2012 and 2013.
The total number of Ashmore shares in issue for the purposes of disclosures required to be made pursuant to the Financial Services Authority Disclosure and Transparency Rules (DTR's) is 707,372,473.
For further information, please contact:
Ashmore Group plc
Ashmore Group plc +44 (0)20 3077 6000
Graeme Dell, Group Finance Director +44 (0)20 3077 6157
Gay Collins +44 (0)20 3128 8582/+44(0)7798626282
Jennifer Spivey +44 (0)20 3128 8534
Further information can be found at http://www.ashmoregroup.com/
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