25 May 2012

Canaccord in Evolution bid talks

16/08/2011 Robert Tyerman

Canadian investment bank Canaccord Financial (CF.) has confirmed it is talking to broker Evolution (EV), already a target for South Africa's Investec. Based in Vancouver and quoted on AIM, Canaccord says its potential interest in making an offer for fully-listed Evolution is subject to several pre-conditions, including unanimous support from Evolution's chief executive Alex Snow and his fellow directors, though it reserves the right to waive these pre-conditions.

Investec's bid approach provoked speculation the South African group would split Evolution's wealth management side, seen as its principal attraction, from other parts of the business. Yesterday, Evolution's finance director, Andrew Westenberger, resigned in a move that raised City eyebrows and appeared to confirm rumours of internal dissent.

Canaccord, an entrepreneurial group which has strengths in natural resources and other fields and is valued at £700.6 million after a 30 per cent share price fall from its year's high to £7, has issued the usual reminder that there is no certainty the present talks will lead to a bid. But that has not stopped Evolution's shares bouncing 8.5p this morning to 91p, where they value the broker at £212 million, and retain some speculative appeal after rising 47 per cent from their 12-month low.
   

Tags: AIM market, Alex Snow, Evolution Group, Investec, Investment banks

Sector: General Financial

Companies: Canaccord Financial , Evolution Group

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