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Consolidated Asset Management
- BY: Andrew Hore |
- POSTED: 13/07/2009 |
Consolidated Asset Management says that the disposal of Throgmorton Asset Management will provide a firm foundation on which to build up the group.
This disposal follows the sale of Throgmorton Financial Services. Enderby, Leicester-based TAM was originally acquired in September 2007 for £1.2m in cash and £405,000 in shares at 13.5p each. TAM is being sold for £1 with a further £50,000 depending on pre-interest profit over the next 12 months. There will also be additional consideration payable based on quarterly revenues over the next five years.
TAM lost £14,000 on revenues of £1.13m in 2008.
Shares in CAM slumped 0.25p to 0.375p each, which values the company at £1.12m.
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