Investment Company Octagonal has entered into conditional agreements to acquire Global Investment Strategy (GIS), a family office asset manager managed by dealmaker John Gunn.
Under the terms of the agreement, Octagonal, which acquired a 9.97% interest in GIS in April 2014, will buy the issued share capital of GIS that it does not currently own.
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The acquisition will result in a change in the business of the company and will constitute a reverse takeover under the AIM Rules.
Following the acquisition, the enlarged group will become a financial services company, providing settlement and safe custody services to smaller institutional funds, family wealth offices and high net worth investors along with other ancillary services.
Gunn, who has a long track record in the corporate brokerage and stock broking industries, will remain as chief investment officer of the bought-out firm.
Octagonal has raised £1.7m via share subscription to partly fund the purchase and for general working capital requirements.
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By GlobalData
