20th Apr 2007 11:58
IFG Group PLC20 April 2007 IFG GROUP PLC Acquisition IFG Group plc is pleased to announce that it has to-day acquired, through itssubsidiary IFG (Suisse) SA ("IFG Suisse"), the entire issued share capital ofGestinor AG ('Gestinor'), a Swiss company with offices in Zurich and Zug. Gestinor is a specialist financial services company providing fiduciary, trustand corporate services and company administration services primarily to privateclients and has some 250 companies, trusts and other entities underadministration. The consideration for Gestinor will be a maximum of CHF 10,716,678 (€6,557,350),of which CHF 3,673,331 (€2,247,648) has been satisfied in cash upon completion.The balance will be satisfied in cash payable by reference to the turnover ofGestinor for the years ending 31 December 2007 and 31 December 2008. IFG Suisse will maintain its presence in Geneva. The business of Gestinor willbe integrated into IFG Suisse activities and will operate under IFG'sInternational Trustee and Corporate Services Division. This acquisitioncontinues the Company's strategy of acquiring similar businesses across manyjurisdictions and will further enhance IFG's offering to its clients inSwitzerland. In the year ended 31 December 2006, the latest date to which accounts wereprepared, Gestinor had turnover of CHF 3,007,828 (€1,840,438) and profit onordinary activities before tax of CHF 1,141,078 (€698,206). Net assets acquiredon completion were CHF 1,116,678 (€683,276). The acquisition agreement contains warranties and indemnities in favour of IFGSuisse. 20 April, 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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