AGF Management Limited (AGF) Provides Update on Smith & Williamson Prospective Merger

TORONTO, April 15, 2020 (GLOBE NEWSWIRE) -- AGF Management Limited (TSX:AGF.B) confirms, due to the impact of the COVID-19 pandemic and the ongoing discussions with the FCA regarding the transaction structure, the proposed merger between Tilney and Smith & Williamson will be delayed.

The Boards of Tilney and Smith & Williamson remain committed to the transaction and have agreed to extend the original expiry date for the merger between their respective businesses (which was 16 April 2020) for a further interim period to enable the parties to seek to agree to the revised transaction structure intended to meet final regulatory approvals. Significant progress has been made toward a revised transaction structure, including a material new equity investment and thus a significant reduction in the external debt levels of the post-completion combined group. They expect to confirm whether an agreement has been reached by the end of May 2020.

The revised transaction structure will require approval by the relevant regulators (including the FCA), antitrust authorities and Smith & Williamson shareholders. Allowing for the process of receiving these approvals in the current environment, if a revised structure were agreed, the proposed merger would be expected to complete in the second half of 2020. However, while all parties remain committed to the merger, given the COVID-19 situation and the fact that the revised structure has not yet been agreed, there can be no certainty that the transaction will proceed.

Separately, and whether or not the proposed merger proceeds, following the interim distribution on February 7, 2020, the Smith & Williamson Board will update shareholders by the end of May 2020 on the timing and amount of any further distribution.

The original terms of the proposed merger were stated previously in a press release by AGF on and further updates were provided on and .

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 over $34 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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