Agreement for Disposal of subsidiary
13 July 2009 - 4:00PM
UK Regulatory
TIDMCAMH
RNS Number : 5309V
Consolidated Asset Mgmt (Hldgs) PLC
13 July 2009
CONSOLIDATED ASSET MANAGEMENT (HOLDINGS) PLC
("CAMH" or the "Company")
Agreement for Disposal of subsidiary
CAMH is pleased to announce that it has entered into an agreement with
Intelligent Finance Solutions Limited ("IFSL") and the owners of IFSL, Derek
Gunningham and Brian Emerton, for the disposal of its subsidiary, Throgmorton
Asset Management Limited ("TAM"), to IFSL (the "Disposal"). Completion of the
Disposal is conditional on the Financial Services Authority providing its
consent to the acquisition of control of TAM by IFSL. TAM carries on an
independent financial advisory business based in Enderby, Leicester and the
Company originally acquired TAM from its management team in September 2007.
The consideration payable to CAMH for the sale of TAM comprises an initial
amount of GBP1 payable on completion of the Disposal together with deferred
consideration payable following completion of the Disposal in two circumstances,
namely: (a) consideration up to a maximum amount of GBP50,000 will be payable
depending on the level of profit before interest and taxation achieved by TAM
during the period of 12 months following completion of the Disposal; and (b)
additional consideration will be payable based on a percentage of turnover
achieved by the business carried on by TAM as at completion for each quarter
during the period of five years following completion of the Disposal. This
consideration will be satisfied wholly in cash and the amount of the
consideration paid to the Company will be applied to general working capital for
the development of the Company.
For the year ended 31 December 2008, TAM recorded turnover of GBP1,134,147 and a
loss before taxation of GBP14,427 and, as at 31 December 2008, TAM had net
assets of GBP66,319. TAM has continued to be loss-making since 31 December
2008.
Chief executive Simon Banks-Cooper said: "The disposal of TAM represents a
significant milestone in the restructuring of the group and now leaves a firm
foundation on which we intend to build".
For further information please contact:
Consolidated Asset Management (Holdings) plc
Simon Banks-Cooper, Chief
Executive Officer
Tel: 0845 838 4756
Strand Partners Limited
Simon Raggett
Tel: 020 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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