16th Jun 2006 07:30
Capita Group PLC16 June 2006 CAPITA TO ACQUIRE SINCLAIR HENDERSON Capita Financial Group Limited, a subsidiary of The Capita Group Plc, announcesthat it is to acquire the total share capital of the investment fundadministration businesses of Sinclair Henderson from iimia Investment Group Plc("iimia"). Subject to Financial Services Authority approval, Capita will acquire SinclairHenderson Ltd, Sinclair Henderson Fund Administration Ltd, and ACD Services Ltdfrom iimia for an initial cash consideration of £10.5 million and a deferredconsideration of up to £1.5 million, may be payable, subject to agreed businessdevelopment targets in the first two years of Capita's ownership. In addition tothe above companies and with the approval of the Guernsey Financial ServicesCommission, Capita will also acquire Sinclair Henderson (Guernsey) Ltd as partof the transaction. Sinclair Henderson Ltd provides company secretarial and administration servicesto investment trusts, venture capital trusts and other closed ended funds.Sinclair Henderson Fund Administration Ltd and ACD Services Ltd providecorporate and administration services to open ended investment companies andunit trusts. The combined businesses reported a turnover of £3.9 million for the 12 months to31 December 2005. The funds under administration on transfer will beapproximately £5bn. Sinclair Henderson comprises 90 staff and is located inExeter. The acquisition of these operations adds significantly to Capita's current fundadministration capabilities with combined assets under administration expectedto be £25 billion. The acquisition will add approximately 40 open ended fundsto more than 300 already administered by Capita. The combined number of fundswill result in Capita Financial Group administering approximately 20 per cent ofthe authorised open ended funds in the UK. The acquisition will also takeCapita Financial Group to second place in the investment trust administrationmarket as it adds over 40 investment trusts to the closed end fundadministration service. Paul Pindar, Chief Executive of The Capita Group Plc, commented: "This acquisition complements and enhances the already substantial expertise andcapabilities of our team at Capita Financial Group. Sinclair Henderson furtherassists Capita Financial Group to consolidate its position as a leading serviceprovider in fund administration. The combined business will benefit from itsgreater scale, shared systems, suppliers and relationships. We welcome the newteam to Capita and look forward to developing our capabilities together toembrace the extensive opportunities in this marketplace." Michael Phillips, Chief Executive of iimia Investment Group Plc, commented: "We are delighted with the way the whole process has been conducted and thearrangements entered into with Capita. We are looking forward to working closelywith Capita Financial Group concerning our range of iimia investment funds." -ends- For further information please contact: The Capita Group Plc +44 (0)20 7799 1525 Paul Pindar, Chief Executive Shona Nichols, Corporate Communications Director Press Office +44 (0)870 2400 488 The Capita Group Plc is the UK's leading provider of integrated professionalsupport service solutions. The Group's service capabilities encompass customerservices, financial services, human resource services, software services,systems and strategic support and property services delivered to both publicsector and private organisations. With over 25,000 employees at more than 250offices across the UK and Ireland, Capita is quoted on the London Stock Exchange(CPI.L), and is a constituent of the FTSE100 with revenues for 2005 of £1,436million. Further information on The Capita Group Plc can be found at: www.capita.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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