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Frenkel Topping

  • BY: Andrew Hore |
  • POSTED: 20/01/2014 |

Specialist financial adviser Frenkel Topping performed ahead of expectations last year.

A profit of £1.3m had been forecast for 2013, rising to £1.6m in 2013. Funds handled in Frenkelís Investment Management Service rose to more than £500m. Economies of scale should ensure that gross and operating profit margins will improve.

The full year figures will be published at the end of March.

Earlier this month, Frenkel launched a new director incentive scheme. Three directors acquired shares in Frenkel Topping Group Holdings Ltd, a newly incorporated subsidiary of the group. The directors will receive a percentage of a sale of Frenkel itself or another exit event. Chairman David Southworth will receive 15%, of the total, chief executive Richard Fraser will receive 42.5% and finance director Julie Dean will receive 42.5%.

If the value of the exit is between £25m and £27m then the amount to be shared would be 1% of the valuation. This increases on a sliding scale up to £38m or more when the directors will share 9% of the proceeds.

Frenkel will swap its shares for shares in the new subsidiary so that they are equivalent to these proceeds. This includes a winding up of the company.

If any of these directors leaves the company, as a good leaver, before any event then they will receive any value at the date of departure.

The latest trading statement added 6.5p to the share price taking it to 38.5p, which valued Frenkel at £24.3m, which is still below the minimum requirements of the incentive.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFJanuary2014_52.pdf

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