AGF Management Limited (AGF) Confirms Close of Smith & Williamson Merger Delivering Value to Shareholders

TORONTO, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Further to the announcement made , AGF Management Limited (TSX:AGF.B) (AGF) today confirms that the merger between Tilney and Smith & Williamson to create one of the U.K’s leading integrated wealth management and professional services groups has closed.

“Completing this transaction, particularly in the current environment, is a notable achievement – congratulations to the newly formed Tilney Smith & Williamson,” said Blake C. Goldring, Executive Chairman, AGF.

Based on the terms of the revised transaction structure, AGF receives total cash of £177 million (C$297 million), excluding tax and one-time expenses and subject to closing adjustments. With the transaction now complete, AGF possesses no equity consideration in the merged group.

“Today marks an important step forward for AGF as we realize the value of our long-term investment in the U.K.,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “AGF’s strong balance sheet and impressive liquidity afford us the flexibility to pursue our many growth initiatives.”

As previously stated, AGF expects to redeploy capital in a number of ways, including funding future share buybacks, servicing debt repayment and continuing to invest in areas of growth to ensure its resources remain focused against stated strategic goals to deliver continued value to shareholders.

All Canadian dollar figures assume a hedged exchange rate of 1.68.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With $37 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

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