17th Feb 2005 13:35
Aberdeen Asset Management PLC17 February 2005 ABERDEEN ASSET MANAGEMENT PLC SALE OF IoM GROUP Aberdeen Asset Management PLC (Aberdeen) today announces that it has completedthe sale of the entire issued share capital of Aberdeen International (IoM) LifeAssurance Limited ("AIL"), Aberdeen International Nominees Limited and AberdeenTrustees (Jersey) Limited (together, the "IoM Group") under an agreement dated16 December 2004 between Aberdeen and LCL Acquisitions Limited (the "IoM GroupSale"). The IoM Group comprises a life assurance business which is closed to newbusiness. The aggregate cash consideration for the IoM Group Sale is up to £12.1 million,comprising initial consideration payable at completion of £7.4 million anddeferred consideration of up to £4.7 million payable in unequal yearlyinstalments ending on 31 December 2010. AIL also completed a capital reconstruction on 26 January 2005 which released toAberdeen £23.7 million of surplus capital which had been held by AIL. The sale of the IoM Group together with the release of surplus capitalpreviously held by AIL will increase the Group's financial flexibility throughon-going debt reduction and greater access to existing capital. ENDS For Further Information Fiona Piper Maitland 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ADN.L