23rd Sep 2009 07:00
News release
23 September 2009
Sale of Intelli Corporate Finance Ltd
Midas Capital PLC ("Midas") announces that, it has entered into an agreement to sell Intelli Corporate Finance Ltd ("Intelli") to Canaccord Adams Ltd ("Canaccord"). Completion is expected to take place on 1st October 2009.
Intelli, a wholly owned subsidiary of Midas, is a corporate advisory and broking firm with offices in London and Edinburgh. Intelli had combined revenues for the year ended 31 December 2008 of £3.7 million and profit before tax and management charges of £503k. As at 31 December 2008 the net book value of the Intelli business was £3.3m.
The consideration receivable for Intelli will comprise a cash payment equivalent to net assets as at 30 September 2009 plus goodwill of £1 million.
Colin Rutherford, Chairman, Midas, says:
"The sale of Intelli to Canaccord will realise cash resources which will be used to partially retire the group's preference capital. I would like to pay tribute to the Intelli team for their significant contribution to the Group over the past 4 years and wish them continued success for the future. This represents an excellent opportunity for Intelli within a complementary business and I am sure Canaccord will be rewarded by this move."
For further information, please contact:
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Colin Rutherford, Executive Chairman, Midas
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07768 053 054
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Roland Cross, Director, Broadgate
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020 7726 6111
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Richard Vaughan/Matt Stoate, Kinmont
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020 7087 9100
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(Financial Advisor to Midas)
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James Steel, Arbuthnot Securities Limited
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020 7012 2000
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(Nominated Advisor and Broker to Midas)
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Web: www.midascapitalplc.com
Kinmont Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial advisor to the Company in relation to the matters referred to in this announcement and no one else and will not be responsible to any other person for providing the protections afforded to clients of Kinmont or for providing advice in relation to the matters referred to in this announcement.
Arbuthnot Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as Nominated Adviser and Broker to the Company in relation to the matters referred to in this announcement and no one else and will not be responsible to any other person for providing the protections afforded to clients of Arbuthnot Securities Limited or for providing advice in relation to the matters referred to in this announcement."
Related Shares:
MGR.L