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Thesis triggers share payouts as buyers close in on £47m deal

Thesis triggers share payouts as buyers close in on £47m deal

Almost 85% of shareholders in Thesis Asset Management have agreed to back a £47 million buyout launched by senior managers and a consortium of private investors last month.  

The bid group had been targeting 90% acceptance before the offer became unconditional, but considered alongside the 29% of shareholders who have offered 'irrevocable commitments' to vote for the deal, the group has waived its right to back out.  

The buyout was launched by David Tyerman, Thesis managing director, and Stephen Mugford, head of the company's fund administration subsidiary Tutman. They have received cash backing for the offer from a consortium led by private equity partnership Ventiga and family office J Leon.

The announcement also noted that Thesis' board of directors had agreed to trigger all outstanding options on Thesis stock once the deal has received assent.  

In addition to Tyerman and Mugford, options on Thesis stock are held by the company's client director Michael Lally (pictured), chief operating officer Greg Dalton and client service director Tony Gammon. 

'Bidco has decided to declare the acceptance condition satisfied and the offer is therefore now unconditional as to acceptances,' it said in a statement.  

'Thesis shareholders who have not yet accepted the offer are encouraged to do so without delay.'

Ventiga, which has a co-investment collabortaion agreement with LGT Capital, was founded by Niclas Gabrán and Daniel Mytnik, former partners at Soros Private Equity and Palamon Capital Partners, respectively, and the two managers are directors of the holding company being used to structure the transaction.  

Click here to find out more about the complicated web of interests underpinning the deal.

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