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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.
IFG Group announce acquisition in the UK
Date: 29-05-2001
Source: IFG Group plc
IFG Group plc (IFG) is pleased to announce that it has acquired the entire share capital of Fair Isle Investments Limited and its subsidiaries John Siddall Financial Services Limited and John Siddall Asset Management Limited (Fair Isle) for a maximum total consideration of Stg£3,000,000 (€4,962,779).
Initial consideration was satisfied by a cash payment of Stg£300,000 (€496,278) and by the issue of Stg£700,000 (€1,157,982) Three Year Bank Guaranteed Loan Notes. Additional consideration of Stg£2,000,00 (€3,308,519) may be payable, satisfied in Loan Notes, based on the profits and recurring income for the years ending 31 December 2001 and 31 December 2002. The deferred consideration will be a sum equivalent to the average of (i) six times the average profit before taxation and (ii) four times the average recurring income, in respect of the two years ending 31 December 2002.
Fair Isle, which is established for over twenty years, is an independent financial adviser based in Fareham, Hampshire, U.K. Its principal activity is investment business and corporate pensions. It is a discretionary fund manager for individual investment portfolios and pensions, including Self Administered Pension Schemes (SSAS’s) and Self Invested Personal Pensions (SIPP’s).
Profits before tax for the nine months ended the 31 December 2000 were Stg£167,762 on turnover of Stg£1,014,006. The net assets being acquired amount to Stg£300,000 (€496,278). The principals, David Wallace and John Deeley, together with two executives, have entered into service agreements with the respective trading companies.
Following the purchase Fair Isle will be integrated with IFG Life and Pensions Limited.
The Share Purchase Agreement contains normal warranties and indemnities in favour of IFG.
IFG Group announce disposal in the UK
Date: 04-12-2000
Source: IFG Group plc
IFG Group plc ("IFG") announces that on 16 May 2003 it disposed of the entire issued share capital of The ISA Shop Limited ("The ISA Shop"), its specialist Independent Financial Advisor, based in Nottingham, England which provides a direct market service on single premium investment products, Individual Savings Accounts and insurance company Bonds.
The Purchaser is The Money Portal plc, of King William Street, London EC4N 7BE.
The entire consideration, paid in cash on Completion was Stg£1,887,709 (€2,653,140) including Stg£137,709 (€178,495) representing payment for net current assets. The disposal is consistent with IFG’s focus on fee based independent financial advisory activities and the proceeds will be applied to reduce debt and strengthening the Group’s balance sheet.
In the year ended 31 December 2002 The ISA Shop profit before tax was Stg£353,324 on turnover of Stg£1,157,366. Net assets at 31 December 2002 were Stg£831,653, and since that date a dividend of Stg£550,000 has been paid to its holding company. Net assets at Completion were Stg£178,233 (€231,021).
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