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Blue Oar
- BY: Andrew Hore |
- POSTED: 03/06/2009 |
Aim adviser Blue Oar has sold its Australian business.
Sydney-based corporate finance Inteq has been bought by Kim Jacobs, Andrew Cohen and David Allen for A$1.
Inteq, which was established in 1988, was acquired for A$10.25m in January 2007 - A$2m in cash immediately, A$2.75m 12 months after the acquisition date if key executives remain employees and the rest in shares. Performance-based consideration of A$1.5m was potentially payable. Inteq had made profits of A$2.29m on revenues of A$6.5m in the year to June 2006. It lost A$1.31m in 2008.
The goodwill of £4.3m relating to Inteq was written off in the 2008 accounts. Inteq’s NAV was A$1.24m at the end of April 2009.
Blue Oar has paid £398,000 for a shares and warrants in MedPro Safety Products Inc, which have a market value of $815,000 - although they are thinly traded.
Blue Oar is focusing on its core wealth management, broking and corporate finance operations. At 4p a share, Blue Oar is valued at £6.72m.
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