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Elephant Loans & Mortgages

  • BY: Andrew Hore |
  • POSTED: 11/04/2008 |

Elephant Loans & Mortgages plans to acquire Financial Trade Partnership.

FTP operates the UK’s largest network of secured loan advisers. The deal would be classed as a reverse takeover into the loans packager.

Due diligence still has to be completed. The shares fell 0.025p to 0.23p before they were suspended. Elephant is valued at £910,000.

FTP provides compliance, training, and product and sales support to loan advisers. Elephant became a member of the network in March and it said it would save £100,000.

Elephant says that its second half loss will be similar to the one reported in the first half.

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