Agreement for Disposal of subsidiary


 

TIDMCAMH 
 
RNS Number : 5309V 
Consolidated Asset Mgmt (Hldgs) PLC 
13 July 2009 
 
CONSOLIDATED ASSET MANAGEMENT (HOLDINGS) PLC 
("CAMH" or the "Company") 
Agreement for Disposal of subsidiary 
CAMH is pleased to announce that it has entered into an agreement with 
Intelligent Finance Solutions Limited ("IFSL") and the owners of IFSL, Derek 
Gunningham and Brian Emerton, for the disposal of its subsidiary, Throgmorton 
Asset Management Limited ("TAM"), to IFSL (the "Disposal").   Completion of the 
Disposal is conditional on the Financial Services Authority providing its 
consent to the acquisition of control of TAM by IFSL.  TAM carries on an 
independent financial advisory business based in Enderby, Leicester and the 
Company originally acquired TAM from its management team in September 2007. 
The consideration payable to CAMH for the sale of TAM comprises an initial 
amount of GBP1 payable on completion of the Disposal together with deferred 
consideration payable following completion of the Disposal in two circumstances, 
namely: (a) consideration up to a maximum amount of GBP50,000 will be payable 
depending on the level of profit before interest and taxation achieved by TAM 
during the period of 12 months following completion of the Disposal; and (b) 
additional consideration will be payable based on a percentage of turnover 
achieved by the business carried on by TAM as at completion for each quarter 
during the period of five years following completion of the Disposal.  This 
consideration will be satisfied wholly in cash and the amount of the 
consideration paid to the Company will be applied to general working capital for 
the development of the Company. 
For the year ended 31 December 2008, TAM recorded turnover of GBP1,134,147 and a 
loss before taxation of GBP14,427 and, as at 31 December 2008, TAM had net 
assets of GBP66,319.  TAM has continued to be loss-making since 31 December 
2008. 
Chief executive Simon Banks-Cooper said: "The disposal of TAM represents a 
significant milestone in the restructuring of the group and now leaves a firm 
foundation on which we intend to build". 
For further information please contact: 
Consolidated Asset Management (Holdings) plc 
Simon Banks-Cooper, Chief 
Executive Officer 
Tel: 0845 838 4756 
Strand Partners Limited 
Simon Raggett 
Tel: 020 7409 3494 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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