Paul Hogarth, the CEO of Tatton Asset Management (TAM:AIM), the on-platform discretionary fund management (DFM) and IFA support services business, has sold 1,183,000 ordinary shares at a price of £5.90 per share to meet institutional buying demand in the market.
The transaction took place on 22 December and equates to a value of £6.97 million.
Following the above transaction Paul retains a 16.4% holding in the company. He has confirmed that he does not intend to sell any more shares in the near future.
Average monthly net inflows have recovered strongly since the February-March Covid crash (when net inflows dipped across the asset management sector), doubling from £55 million (six months to 30 Sep 20) to £109m (six months to Sep 21).
Tatton has been one of the top performers in the sector when it comes to net inflows. There is further potential for inflows to accelerate, following the Fintel distribution deal that provides access to an additional 3,800 intermediary firms gathers momentum.
Over the last six months Tatton’s share price has risen by 34.8%.
AGRONOMICS DIRECTOR PARTICIPTES IN FUNDRAISE.
On 22 December, James Mellon Executive Director of cellular agriculture company Agronomics (ANIC:AIM) purchased 8,695,652 shares at a price of 23p.
This equates to a value of £2 million. This was part of an equity fundraise that raised gross proceeds of £31.8 million.
The fundraise was undertaken by means of a placing, subscription and open offer.
Attaching warrants, on a 1-for-1 basis, will be issued to investors who participated in the fundraise.
Following the transaction Mellon owns 14.2% of the current issue share capital.
The proceeds will provide additional funds for investment by Agronomics into current portfolio companies and projects, investment in new opportunities within the ‘cellular agriculture’ sector.
Agronomics is focused on cultivated meat and alternative proteins.
Cultivated meat is meat grown in a laboratory using bioreactors, without the need to raise animals for slaughter, which has the same appearance, taste and texture of meat but with purely non-meat media as inputs.
Funding in the cultivated meat sector is growing, with roughly $170 million invested worldwide between 2016 and 2019 and over $270 million raised in 2020 alone.
Global consultancy AT Kearney predicts that cultivated meat’s market share of meat consumption will reach 35% by 2040.
Year to date the share price is up 84%.
