28th Dec 2005 07:01
IFG Group PLC28 December 2005 23 December 2005 IFG Group plc is pleased to announce that it has acquired, through itssubsidiary IFG Trust (Jersey) Limited ("IFG Trust"), the entire issued sharecapital of Bank of Scotland Trust Company (International) Limited ("BofS TrustCo"), a company based in Jersey. BofS Trust Co provides trust and company administration services primarily forUK and European clients and has some 269 companies, trusts and other entitiesunder administration. These client entities have total underlying assets ofapproximately Stg£340 million. The consideration will be a maximum of Stg£6,800,000 (€10,015,465), of whichStg£6,591,623 (€9,708,554) has been satisfied in cash upon completion. Thebalance will be satisfied in cash upon the completion of audited accounts forthe year ending 23 December 2005 and will be an amount equivalent to profitsbefore tax for the period 1 December 2005 to 22 December 2005. The business of BofS Trust Co will be integrated into IFG Trust's activities andwill operate under IFG's International Trustee and Corporate Services Division,consolidating IFG's position as one of the leading independent offshorecorporate service providers. BofS Trust Co's strength in the UK and European market complements the existingIFG International Divisions business which is particularly strong in the NorthAmerican and Far Eastern Markets. In the year ended 24 December 2004, the last date to which audited accounts wereprepared, BofST Trust Co had turnover of Stg£1,343,000 (€1,978,054) and profiton ordinary activities before tax of Stg£659,000 (€970,616). Net assets acquiredon completion were Stg£3,091,623 (€4,553,535), of which cash and bank balanceswere Stg£2,824,950 (€4,160,763). The acquisition agreement contains warranties and indemnities in favour of IFGTrust. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ifg