6th Nov 2008 14:12
IFG GROUP PLC ('IFG')
Supplementary Announcement
6 November 2008
IFG announced on 30 June 2008 that its subsidiary IFG Trust (Cyprus) Limited had acquired the entire issued share capital of Excel-Serve Management Limited, a specialist corporate services provider based in Cyprus.
The consideration payable was €21,443,094 together with a further sum representing net assets on a €1 for €1 basis. The net assets have now been determined at €4,110,798 and of this sum €2,055,399 is being paid in cash to the Vendor Vassos Hadjivassiliou. A further sum of €2,055,399 will be placed in Escrow bringing the total sum in Escrow to €12,776,946, which is releasable in equal sums after 12 and 24 months and may, in certain circumstances, be subject to reclaim.
As a consequence of the determination of the net assets the aggregate maximum consideration payable is €25,553,892.
The business of Excel-Serve Management has been successfully integrated into IFG Cyprus's activities and is meeting expectations.
Except as disclosed herein, there has been no significant change affecting any matter contained in the notification of 30 June 2008 and no other significant new matter has arisen which would have been required to be mentioned in that earlier notification if it had arisen at the time of the preparation of that notification.
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