Aim adviser Blue Oar is buying London-based stockbroker Astaire.
One of the attractions of Astaire is its membership of the Hong Kong Stock Exchange. It also has business contacts in Malaysia and Singapore. This will help boost Blue Oar’s operations in the Far East. It currently has an operation in Australia.
Astaire also has a discretionary fund management business.
Blue Oar is paying £1.67m for Astaire - £1.5m in cash and the rest in shares at 13p each, which is the current market price. Astaire made a profit of £500,000 on revenues of £3.1m in the year to August 2007. The deal should be earnings enhancing in its first full year.
© 2022 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.