Syndicate Asset Mng’t CEO: Company Not for Sale

BANGALORE (Reuters) – Syndicate Asset Management Plc (SYND.L), the target of a potential offer from Cygnet Capital LLC, said it was not up for sale.

“The company is not for sale,” joint group Chief Executive Jonathan Freeman told Reuters in an interview.

Syndicate shares, which have gained more than 20 percent in the last one month, rose 11.11 percent to 5 pence by 1351 GMT on the London Stock Exchange.

Earlier on Monday, Cygnet Capital, an investment company owned by Victor Haghani, had said it was in early stages of considering a potential offer for Syndicate.

Cygnet Capital bought about 4.82 percent or 6.6 million shares of Syndicate, a holding company of small asset managers, for about 6 pence apiece on May 8, according to a disclosure on Cygnet’s website.

Collin Stewart is acting as corporate broker to Haghani for the potential offer.

“The underlying people involved in Cygnet were people who we have had previous discussions with,” Syndicate’s joint group CEO Freeman said.

In April, specialist fund manager Syndicate had said that it had rejected a number of unsolicited bids. [ID:nBNG478009] CEO Freeman said the company had received initial bids at around 6 pence a share and that shareholders had not been interested.

In a separate statement on Monday, BNP Paribas Arbitrage SNC said it sold its 6.3 million shares in Syndicate at 6 pence apiece on May 8. (Editing by Himani Sarkar)