IFG Group announce acquisition in Jersey
Date: 23-11-2000
Source: IFG Group plc
IFG Group plc ("IFG") is pleased to announce that it has acquired the entire issued share capital of the Atlantique Trust Group (’Atlantique’), a company based in Jersey and Geneva. Atlantique provides a range of asset protection and trustee services primarily for continental European customers and has some 440 companies and trusts under administration.
The consideration will be a maximum of Stg£7 million (&euros;11,744,966), of which Stg£2 million (&euros;3,355,704) has been satisfied in cash upon completion. The balance of the consideration will be satisfied in cash by payments of :-
- Stg £1.2 million (&euros;2,013,423) provided Atlantique’s profit for the year ending 31 January 2002 is not less than Stg£495,000. In the event that the profit is less than Stg£495,000 the consideration will be reduced by Stg£12 for each Stg£1 of the shortfall up to a maximum of Stg£1.2 million; and
- Stg.£1.8 million (&euros;3,020,134) provided the average profit for the years ending 31 January 2001, 2002 and 2003 is not less than Stg£550,000. In the event that the average profit is less than Stg£550,000 the consideration will be reduced by Stg£7 for each Stg£1 of the shortfall up to a maximum of Stg£1.8 million; and
- Stg£2 million (&euros;3,355,704) provided the average profit for the years ending 31 January 2001, 2002 and 2003 exceeds Stg£550,000, on the basis that the consideration will be increased by Stg£7 for each Stg£1 of the excess up to a maximum of Stg£2 million.
The acquisition agreement contains warranties and indemnities in favour of IFG.
The business of Atlantique will be operated under IFG’s International Trustee and Corporate Services Division, consolidating IFG’s position as one of the leading independent offshore corporate service providers. Atlantique’s strength in the European market complements the existing IFG International business which is particularly strong in the North American and Far Eastern Markets.
Atlantique will be managed as a separate profit centre within the Division.
In the year ended 31 January 2000, the last date to which audited accounts were prepared, Atlantique had turnover of Stg£1,354,890 (&euros;2,273,306), profit on ordinary activities (after exceptional costs of Stg£200,000 for establishing the Swiss operations) of Stg£248,770 (&euros;417,399). Net assets being acquired on completion are Stg£197,000 (&euros;330,536).
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