UK wealth manager Charles Stanley has provided an updated timetable for its acquisition by Raymond James UK Wealth Management, citing a delay in approval from the Financial Conduct Authority (FCA).
In November, Charles Stanley booked a sanction hearing to sanction the acquisition for 20 December 2021, in anticipation of receiving FCA approval and published a timetable that suggested the scheme would become effective on 22 December 2021.
In a London Stock Exchange filing today (13 December), Charles Stanley said: “In light of the FCA approval condition remaining outstanding and due to concerns on the part of Raymond James and Charles Stanley that FCA approval would not be received sufficiently far in advance so as to allow the filing of the necessary court documentation in time for the sanction hearing on 20 December 2021, Charles Stanley and Raymond James have agreed to release the sanction hearing date of 20 December 2021 and have instead secured an alternative sanction hearing date on 19 January 2022, being the first available hearing date in the New Year.”
The completion date has also been revised to 21 January 2022.
Charles Stanley Group and Raymond James announced that they had reached agreement on the terms of a recommended acquisition by Raymond James UK Wealth Management on 29 July this year.
Under the terms of the deal, Raymond James will buy the entire share issue of Charles Stanley for £278.9 million.
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