Hancock & Gore (ASX:HNG) submitted a non-binding acquisition proposal to acquire all assets of H&G High Conviction (ASX:HCF) in an all-scrip deal at an issue price of AU$0.30 per share.

The takeover proposal values HCF's assets at AU$1.00 per share, less transaction costs and dividends, the filing said.

Hancock & Gore currently holds a 20.4% stake in HCF through its unit, H&G Investment Management, the company said.

The acquisition aims to simplify Hancock & Gore's structure, increase balance sheet equity by around AU$20 million, support its Global Uniform Solutions growth, and reduce funds management activity, the company added.

The deal remains subject to board and shareholder approvals.

In a separate bourse filing, H&G High Conviction said it is in talks with Hancock and Gore related to the proposal, however, there is no certainty that the matter may lead to a transaction.

Shares of H&G High Conviction jumped 9% in recent Monday trade.