IFG Group announce acquisition in the UK
Date: 13-09-2001
Source: IFG Group plc
IFG Group plc ("IFG") is pleased to announce that it has acquired the entire share capital of Saunderson Ventures Limited ("Saunderson Ventures") for a total consideration of Stg£7,000,000 (&euros;11,334,197).
The consideration was satisfied on completion by (i) a cash payment of Stg£3,940,000 (6,379,534) (ii) the issue of Stg£60,000 (97,150) 2% Bank Guaranteed "A" Loan Notes 2004 and (iii) the issue of Stg£3,000,000
(&euros;4,857,513) 2% Bank Guaranteed Exchangeable "B" Loan Notes.
The "A" Loan Notes can be redeemed, at the option of the noteholder, at any time after 30 April 2002 and unless previously redeemed will be redeemed in full on 12 September 2004. The "B" Loan Notes are exchangeable between 28 February 2004 and 12 September 2004 into fully paid IFG ordinary shares of 12 cents at a price of Stg£2.50 (&euros;4.05) per share. In the event of not being exchanged the "B" Loan Notes will be redeemed in cash on 12 September 2004.
Saunderson Ventures is based in London and its principal activity is the provision of financial advisory services through its subsidiary Saunderson House Limited which advises on some Stg£560 million of funds. The business has approximately Stg£1.5 million of recurring income annually and was founded in 1968.
Profits before tax for the year ended 30 September 2000 were Stg£456,209 (&euros;738,680) on turnover of Stg£1,849,919 (&euros;2,995,335). The net assets being acquired amount to Stg£826,000 (&euros;1,337,435).
The principal vendor, David J Saunderson MA ACA, aged 45, will assume responsibility for IFG life, pensions and actuarial operations in the UK.
The Share Purchase Agreement contains normal warranties and indemnities in favour of IFG.
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie