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Consolidated Asset Management
- BY: Andrew Hore |
- POSTED: 04/07/2009 |
Consolidated Asset Management is selling Throgmorton Financial Services back to its management.
Manchester-based IFA TFS was acquired in May 2008 for £1.79m in cash and shares, of which £200,000 was deferred. There was a dispute over warranties given by the sellers but this has ended following the disposal. The amount received for the sale will depend on the turnover of TFS during the one year after the disposal.
TFS is losing money. If TFS is sold within the next two years CAM is entitled to the excess consideration above £200,000.
Lord Ashcroft’s Mayfair Ltd is acquiring the shares originally issued for the acquisition of TFS for £11,384 - equivalent to 0.07p a share. The shares were issued at 6.335p a share. This will increase Mayfair’s stake in CAM from 58.9% to 64.4%.
At 0.625p a share, CAM is valued at £1.86m.
CAM can concentrate on its remaining IFA businesses.
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