Gam’s chairman has made a last minute statement in favour of the Liontrust takeover as the company’s half year results show it suffered a net loss of SFr71.2mn (£1.08mn).
Gam's latest results were published today (August 3) ahead of tomorrow's deadline to complete the Liontrust deal - a date which has been pushed back twice.
The results showed there were outflows of SFr2.2bn, while total assets under management fell to SFr68bn from SFr75mn as of December 31, 2022.
David Jacob, Gam chairman, took the chance to endorse the Liontrust deal again.
He said: “Our first half results demonstrate the challenges which Gam faces, which are among the reasons why the board continues to recommend the Liontrust offer to Gam shareholders. Our investment teams continue to excel, but the need for corporate stability is essential to give our clients confidence to allocate to our strategies.
“The stable platform and investment that will be provided by the combined group, once the Liontrust offer is completed, gives our shareholders an opportunity to participate in future value creation.”
Gam and Liontrust are battling opposition from rebel investor group NewGAMe, which launched its own partial cash counter offer in July.
This week, NewGAMe asked the Swiss takeover board to impose a final deadline of August 11 to "protect shareholders’ interests".
The group fears the deal could be delayed further to mid-August if the deadline is extended further.
tara.o'connor@ft.com
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