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Astaire Group
- BY: Andrew Hore |
- POSTED: 23/07/2009 |
- COMMENTS: Add yours
Astaire Group is buying Aim and Plus-quoted adviser Ruegg & Co for £315,000 in shares at 5.25p each, plus a cash payment for net assets.
Knightsbridge-based Ruegg says that it will benefit from Astaire’s additional services, such as research. Aim adviser Astaire is based in the City of London and it would make sense for everyone to be under one roof.
Ruegg made a profit of £131,000 in 2008 and had net assets of £187,000. The payment for net assets in excess of £25,000 on completion of the deal is expected to end up at around £334,000.
This deal will make Astaire a major Corporate Adviser on Plus-quoted. Ruegg has 12 Plus-quoted clients and the recently acquired Dowgate has a further four. Astaire’s majority shareholder Evolve Capital is in the process of buying St Helen’s, which has 22 Plus-quoted clients, and Whim Gully Capital, which has three.
Assuming all these deals are completed, the Evolve group of companies will have 41 Plus-quoted companies – based on the June 2009 primary statistics. That is more than one-fifth of the Plus-quoted companies.
Ruegg also has four Aim clients.
At 6p a share, Astaire is valued at £10.7m.
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