NOT FOR RELEASE PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK MARKET ABUSE REGULATIONS.

FOR IMMEDIATE RELEASE.

1 November 2023

Premier Miton Group plc

('Premier Miton' or the 'Company')

Acquisition of Tellworth Investments LLP

Premier Miton Group plc (AIM: PMI) is pleased to announce the acquisition of Tellworth Investments LLP ("Tellworth"), a leading UK equity boutique with assets under management ("AuM") of £559m as at 30^th September 2023. Tellworth, which offers both long/short and long only strategies to wholesale and institutional clients, was established in 2017 by Paul Marriage and John Warren, with the support of a minority shareholder, BennBridge Hold Co Ltd ("the Exiting Shareholder").

The acquisition is in line with Premier Miton's stated inorganic strategy of buying complimentary asset management platforms with industry expertise and product diversification as part of a wider commitment to continue to invest in growth opportunities.

The acquisition expands Premier Miton's offering into liquid alternatives with the addition of long/short strategies and further strengthens Premier Miton's existing UK equity franchise. The business also offers strategies with potential for institutional distribution, building on Premier Miton's developing presence in that market. Tellworth's core investment team, including co-founders Paul Marriage and John Warren, will move across to Premier Miton, bringing with them long track records of working in UK equities with established industry reputations and strong networks of contacts. The acquisition adds an investment team which is delivering good, consistent investment performance across its strategies giving scope for significant asset growth when supported by Premier Miton's well-resourced distribution team.

The initial consideration for Tellworth will be based on AuM at completion. At the current AuM this will be £5.5m but this can vary between £3.5m and £6m depending on AuM at completion. Initial consideration will be payable 75% to Paul Marriage and John Warren (the "Continuing Shareholders") (this 75% will be split 25% in cash and 75% in PMI shares) and 25% in cash to the Exiting Shareholder. The consideration shares issued to Continuing Shareholders will have selling restrictions, namely 25% must be held for one year and 75% must be held for two years (from the date of completion).

An additional consideration of up to £3m may be payable depending on AuM growth between completion and the first anniversary of completion with the maximum amount payable if AuM at the first anniversary date exceeds £850m. This will be payable 95% to Continuing Shareholders in PMI shares or cash (at Premier Miton's discretion) and 5% payable in cash to the Exiting Shareholder. Any shares issued as part of the additional consideration are to be held until three years from the date of completion. In the year to March 2023, Tellworth generated a profit before tax, members' remuneration or profit shares of £2.07m and had net assets of £1.09m at 31 March 2023.

The acquisition is subject to customary approval by the Financial Conduct Authority and is expected to complete in early 2024. The Tellworth business will transition onto the Premier Miton platform in the second half of 2024. The acquisition is expected to be earnings enhancing in the first full year of ownership post transition.

Mike O'Shea, Chief Executive Officer of Premier Miton, commented:

"We continue to explore inorganic opportunities alongside our clear organic growth strategy, and are pleased to announce this new acquisition, which we believe is complementary to our existing business and further strengthens our longer-term growth plans. We will now be able to offer our clients access to an even broader range of UK equity investment solutions, bringing the specific proven experience and expertise of Paul Marriage and John Warren, to work alongside our own specialist UK investment team; the team have proven track records of delivering good investment outcomes for investors."

"In addition, Tellworth's existing presence in the institutional market will further strengthen our distribution strategy as we look to grow our footprint in this market."

"We continue to enhance our existing investment capabilities, which included launching a new Emerging Markets Sustainable Fund earlier this year, and we are delighted to be welcoming the Tellworth team to Premier Miton, to help grow our business across different client channels and offer a range of high performing, differentiated products."

Helme Harrison, Chief Executive Officer of Tellworth commented:

"We are really excited to join the Premier Miton team. We see a strong cultural fit with Premier Miton's highly regarded and well-respected investment managers, who share our passion for investment excellence and delivering superior long-term client outcomes. Premier Miton recognises the value of both our brand and our longstanding expertise in uncovering mispriced opportunities within the underappreciated UK market."

ENDS

For further information, please contact:

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Premier Miton Investors is focused on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include equity, fixed income, multi-asset and absolute return.

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