22nd Aug 2007 13:56
Shires Income PLC22 August 2007 Shires Income PlcSale of investment in GIM Holdings The Board of Shires Income plc ("Shires") announces that Shires has todayentered into an Agreement with Aberdeen Asset Management PLC ("AAM") for thesale to AAM of its 49.9% shareholding in GIM Holdings Limited ("GIMH"). TheAgreement is conditional only on FSA approval of a change of control. Theconsideration is £3,118,750 in cash plus an additional amount in cash equal to49.9% of the net asset value of GIMH and its subsidiaries (as determined bycompletion accounts). The Shires Board has been informed that a further agreement has today beenentered into between the shareholders of Sutherland Holdings Limited ("Sutherland") and AAM for the sale to AAM of the entire issued share capital ofSutherland. Sutherland holds the remaining 50.1% shareholding in GIMH. GIMH is the holding company of Glasgow Investment Managers Limited ("GIM"). GIMis the investment manager of Shires pursuant to an Investment ManagementAgreement dated 23rd March and 10th April 2006 (the "IMA"). Shires has beeninformed that the managers currently employed by GIM to manage the Shires'portfolio will continue to manage the portfolio following completion of thesale. It has been agreed that the IMA will continue on its current terms. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Shires Inc.ADN.L