1st May 2014 15:57
LONDON (Alliance News) - BP Marsh & Partners PLC Thursday said it has sold its entire stakes in the Portfolio Design Group International businesses for GBP1.25 million in cash.
The niche venture capital provider to early stage financial services businesses said it has disposed of its respective stakes in Portfolio Design Group International Ltd, Morex Commercial Ltd, Preferred Asset Management Ltd and New Horizons Nominees Ltd.
BP Marsh & Partners said it expects to receive around GBP1.04 million net in cash, after the payment of all associated expenses, including carried interest, corporation tax, and advisers' fees.
"This disposal delivers cash to the group which is net GBP93,000 lower than the last published valuation, but reflects the company's current valuation of the PDGI Businesses," the company said in a statement.
BP Marsh & Partners said it is confident that the disposal of the long-term investments is well-timed, and will also provide the group with cash to pursue new opportunities from what it said is a strong current pipeline.
Shares in BP Marsh & Partners closed 0.8% lower at 138.90 pence Thursday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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