Disposal (6134A)
02 4월 2012 - 9:00PM
UK Regulatory
TIDMCNKS
RNS Number : 6134A
Cenkos Securities PLC
02 April 2012
Cenkos Securities plc (Cenkos)
Disposal of controlling shareholding in Cenkos Channel Islands
Limited.
Cenkos, the AIM quoted independent specialist institutional
securities group focused on UK small / mid-cap companies and
investment funds, announces its intention to divest of its
controlling interest in Cenkos Channel Islands Limited (CCIL).
Following a strategic review, Cenkos has determined that CCIL,
the Group's offshore fund and wealth management subsidiary, is not
core to Cenkos' business strategy and operations. Cenkos has
therefore today agreed with Huntress (CI) Nominees Limited (which
is a nominee account for a number of underlying beneficiaries) and
CCIL the disposal of 4 million ordinary shares in CCIL at GBP1 a
share, representing 40 per cent. of CCIL's issued share capital.
The GBP4.00 million in sale proceeds will provide additional
working capital, further strengthening Cenkos' balance sheet.
Following this disposal, Cenkos Securities will retain 10% of the
issued share capital in CCIL as a trading investment, reflecting
the fact that that Cenkos will continue to work with CCIL on
business referrals.
CCIL's audited profits for the year to December 2011 were
GBP0.89 million, which were consolidated into Cenkos' 2011 audited
accounts. CCIL's audited net assets as at the end of December 2011
were GBP2.97 million. Cenkos expects to book a profit on sale of
GBP2.60 million on disposal of this stake.
Cenkos established CCIL in 2005 and sold a third of its 75 per
cent stake in December 2007, at which time CCIL also obtained a
listing on the Channel Islands Stock Exchange (CISX).
The purchasers of the 40% stake now being sold include the
following related parties:
- CCIL Chairman, Andy Stewart (will purchase a further 4.53% of
CCIL). He also holds 12.18% of Cenkos'
issued share capital
- CCIL Chief Executive Officer, Jon Ravenscroft (will purchase a
further 2.64% of CCIL). He also holds 0.70% of
Cenkos' issued share capital
- CCIL non-executive Director, Susie Farnon (will purchase a
further 0.56% of CCIL). She also holds 0.01% of
Cenkos' issued share capital
The Cenkos Board, having consulted with its nominated advisor,
HSBC, believe that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned. Completion is
expected to occur in mid April 2012.
Enquiries:
Jim Durkin
Chief Executive Officer
Cenkos Securities plc
Tel: 020 7397 8900
Nic Hellyer
HSBC
Tel: 020 7991 8888
David Rydell
Pelham Bell Pottinger
Tel: 020 7861 3886
This information is provided by RNS
The company news service from the London Stock Exchange
END
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