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Alltrue Investments
- BY: Andrew Hore |
- POSTED: 22/12/2009 |
- COMMENTS: Add yours
Alltrue Investments is reviewing the future of its broking businesses.
Corporate broker Falcon Securities is trading at around break even but retail broker Montague Pitman’s performance is deteriorating. The latter has additional compliance costs because of the retail focus.
Alltrue may decide to sell all or part of its operations or make further acquisitions.
Montague Pitman was formed in March 2007 and Alltrue took an initial 57.9% stake. The initial management team was Richard Beese, David White and Thomas Knifton, the son of Alltrue chairman Leo Knifton.
Alltrue had cash of £619,000 and borrowings of £250,000 at the end of June 2009. At the end of 2008, Alltrue had set aside £300,000 as collateral against fines or compensation relating to a regulatory review.
At 0.2p a share, Alltrue is valued at £490,000. NAV was £270,000 – excluding goodwill – at the end of June 2009.
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