News blog
Astaire Group / Evolve Capital
- BY: Andrew Hore |
- POSTED: 10/11/2010 |
Astaire Group is close to selling private client broker Rowan Dartington.
The company says that talks with a potential buyer are at an advanced stage.
This follows last month’s sale of Astaire Securities to Canadian broker NCP Northland Capital Partners for £2.45m. Rowan Dartington is Astaire Group’s main remaining operating business. A sale will be subject to shareholder approval and has to be passed by the regulators.
Rowan Dartington’s chief investment officer James Hutson has decided to leave but no further changes to the management team are envisaged before a deal is completed. Hutson is joining Arjent where he will take up the same role as at Rowan Dartington.
Arjent boss David Couch is a former finance director of Rowan Dartington. The financial problems at Rowan Dartington were before his time as finance director.
Astaire Group could not return any of the disposal proceeds for Astaire Securities to shareholders because of ongoing litigation with former AIM company Izodia. There may be a better chance that at least some of the Rowan Dartington proceeds could be paid out to shareholders.
At 0.54p a share, Astaire is valued at £1.11m.
Evolve Capital, which owns 53% of Astaire Group, is unchanged at 1p a share, valuing the investment company at £2.83m.
Download the November edition of AIM Journal at http://www.hubinvest.com/AIMPDFNovember2010_14.pdf
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