SMC Entertainment Enters Letter of Intent to Acquire Boutique Investment Manager, Bateau Asset Management, Providing Entry to Australian and Southeast Asian Financial Services Market
In This Article:
Bateau Asset Management brings to SMC Entertainment:
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Foundational acquisition into International Financial Services Sector
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Well-established client base of high-net-worth individuals
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Four global investment funds
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Experienced global client services team based in Australia and Singapore
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Research and advisory capabilities complementary to SMC Entertainment Fintech platform
BOCA RATON, Fla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK: SMCE), a Fintech incubator company focused on acquisition and support of commercialized services and technology (Fintech) companies, is pleased to announce that it has entered into a Letter of intent (“LOI”) to acquire a 100% interest in Australia-based Bateau Asset Management, a boutique global investment manager (“Bateau”). The acquisition will provide SMC with an initial presence in the Southeast Asia Fintech market.
Since 2016, Bateau has offered an absolute-return investment philosophy delivered by a multi-manager approach to investing. Services include investment research and education with the objective of providing clients with rigorously constructed absolute return portfolios that they can understand.
Bateau serves over one hundred and fifty clients, all high-net-worth individuals. It maintains an experienced advisory team based in Perth, Australia and Singapore which is supported by a robust compliance and corporate governance team. Currently Bateau manages $20 million AUD$ in assets under management (“AUM”). Bateau is in discussions with multiple potential financial service businesses to increase their account base and money under management.
Under the terms of the Agreement, SMC will acquire 100% of Bateau in an all-stock transaction. SMC will issue shares of its Series C Preferred stock to Bateau’s shareholders valued at US$14 million. Barring any subsequent delays outside of the parties’ control, SMC expects to close the Bateau transaction in September 2024. SMC will proceed to a definitive agreement and make the agreement details available in a Form 8-K to be filed with U.S. Securities and Exchange Commission on www.sec.gov.
“I am extremely excited to announce this LOI for our first international acquisition. Bateau provides SMC with a tremendous opportunity to initially position our Chaintrade.AI platform in one of the world’s most dynamic markets, “stated Erik Blum CEO of SMC Entertainment. “This is the start of our international financial services division. Once closed we will use the infrastructure from Bateau to deploy Chaintrade.AI internationally. We look forward to deploying our AI model to the increasingly complex capital needs of clients around the world. Bateau is a perfect example of an accretive and professionally managed acquisition that is scalable and auditable. We believe we can use our foundational AI to help the advisory team grow the AUM from its current levels to over $100 AUM within the next 2 years. We look forward to executing on plan and delivering long-term value for our shareholders.”