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  • UK regulator disapproves of merger transaction structure for Tilney group and Smith & Williamson
  • Both companies remain committed to the move
  • AFG holds a 32.3% interest in Smith & Williamson

AFG Management Limited (TSX:AGF.B) have announced that the Financial Conduct Authority has not approved the transaction structure for the merger of Tilney Group and Smith & Williamson.

AFG has a 32.3% interest in Smith & Williamson.

Despite the delay, the management boards of both companies are committed to the merger. All the parties involved believe there is a strong strategic rationale of combining the businesses.

Discussions are continuing with the regulatory body to determine the next steps in the process. AFG has a 32.3% interest in Smith & Williamson.

AFG Management Limited shares were up CAD$0.58 (9.47%) and has a market cap of

CAD$535.86 million.

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