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| Share Name | Share Symbol | Market | Stock Type |
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| Int.Asst.Man. | IAM | London | Ordinary Share |
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| 0.00 | 0.00% | 20.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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Posted at 19/3/2010 17:04 by kooba well hello!Integrated Asset Management PLC 19 March 2010 19 March 2010 Integrated Asset Management plc Strategic Agreement with JRJ Group Conditional investment in Marex The Board of Integrated Asset Management plc ("IAM" or the "Company") announces that IAM has entered into agreements today with members of the JRJ Group ("JRJ") , which recently acquired an approximate 75 per cent. stake in Marex Group Limited ("Marex"). To that end, IAM has agreed to invest in Marex with JRJ, provide certain consultancy services and permit and require subscription for new IAM shares by the JRJ partners. Marex is a leading independent specialist broker focused on commodities, financial futures and foreign exchange ("FX"). Marex provides voice and electronic execution and clearing services for commodity markets in metals, energy and agricultural products and the financial futures and foreign exchange markets. Conditional investment in Marex IAM has agreed to invest up to $4 million in a JRJ limited partnership forming part of the JRJ Group, which recently acquired approximately 75 per cent. of Marex. This investment may be supplemented by additional investments from a consortium which IAM is to lead, of between a further $11million and $17 million. The consortium's investment will provide it with a minority indirect equity interest in Marex. The exact size of the stake will depend on the final level of the consortium's investment. IAM's interest in Marex following completion of the investment is expected to be less than 2%. IAM's and its consortium's investment is being made via either one or two specially formed limited partnerships joint venture ("LPs"). Certain of IAM's directors will invest up to US$3.0million in the consortium on a pari passu basis with IAM. It is intended that unrelated third party investors procured by IAM through private subscription will constitute the remainder of the participants in the LPs. No changes to the service contracts of the directors of IAM will arise as a result of the investment, in the event that it proceeds. IAM directors' investments in the consortium are expected to amount to not more than 30% of the total investments via the LPs. For the year ended 31 March 2009, Marex revenues increased by 10 per cent. to GBP79.0 million (2008: GBP71.7 million) with growth in both the commodity and financial products. Commodity products contributed some 60 per cent. of turnover. Marex reported an operating profit for the year ended 31 March 2009 of GBP26.3 million (2008: GBP24.7 million) and a post tax profit for the same period of GBP19.2 million (2008: GBP15.0 million). As at 31 March 2009 Marex had net assets of GBP130.5 million (2008: GBP124.5 million). Conditions relating to the investment and other matters The above arrangements are still subject to a number of conditions including, inter alia, the completion of a fundraising by the consortium of at least US$15 million. If the conditions cannot be satisfied and are not waived, the arrangements may be terminated and in addition, a payment of GBP250,000 may be payable in certain cases by the party responsible for the failure to satisfy the condition. There can be no guarantee that the conditions will be fulfilled. Further announcements will be made in due course as to the progress of the transaction. Subscription for new IAM shares In recognition of the importance of the cross-relationship being established between IAM and JRJ, JRJ partners have agreed to subscribe for 3,636,362 new ordinary shares of 5p each in the capital of IAM for a cash consideration of 33p per share (a premium of approximately 34%to IAM's current share price) by no later than 31 December 2010 representing 10.6% of IAM's expanded share capital. The obligation to subscribe will lapse on the occurrence of certain events including an IAM material adverse change or, in certain circumstances where, $15m is not raised by the IAM consortium for the investment. The subscription price (and number of subscription shares) is subject to customary adjustment in certain circumstances. Enquiries: Integrated Asset Management plc Emanuel Arbib 0207 514 9200 and who is behind jrj |
Posted at 16/9/2009 18:06 by kooba Integrated Asset Management PLC 16 September 2009 For immediate release 16 September 2009 Integrated Asset Management plc ("Integrated" or the "Company") Completion of the disposal of 51 per cent. of the issued share capital of Altigefi S.A. ("Altigefi") and certain transferred funds contracts by the Company to Sal. Oppenheim (France) ("Sal. Oppenheim France") (the "Disposal" or the "Transaction"). The Board announces that the Court has today approved the proposed Share Premium Reduction and the Capital Reduction in relation to the Disposal. The Company expects to file the order of the Court with the Registrar of Companies on 17 September 2009. As all other conditions to the Disposal have now been satisfied, completion of the Disposal will take place on such filing. It is anticipated that on completion the Company will receive a total payment of EUR3,452,738.79 (representing the cash consideration for the Disposal together with dividend and dividend equivalent payments). Application has been made to London Stock Exchange plc for the ordinary shares held by Sal. Oppenheim jr. & Cie. S.C.A. ("Sal. Opp jr.") in the capital of the Company to be cancelled from trading on AIM at 8.00 a.m. on 17 September 2009. Following cancellation of the ordinary shares held by Sal. Opp jr., the Company will have 30,651,386 ordinary shares in issue. Emanuel Arbib, CEO, commented: "We are pleased that after a long transition period, the Transaction with Sal. Oppenheim France has successfully completed. We have worked very closely with Altigefi and Sal. Oppenheim France over this period to ensure a smooth transition and we wish them much success as they integrate the operations into the Sal. Oppenheim family of businesses. Meanwhile, Integrated has used the past six months to streamline successfully its remaining fund management operations. Whilst the past twelve months have been particularly challenging for our industry, we are pleased to report that there are tangible indications of an improvement fuelled by fundamentals and not only because of the recent run-up in the equity markets. Investors in alternative assets have not disappeared as some had feared during the trough of September 2008 - March 2009; rather, what we are seeing is that investors are now demanding more liquidity and transparency as well as performance. We are satisfied that our funds have performed well this year despite holding very high levels of cash to meet potential redemption requests. To ensure that we continue to have the proper resources post-completion to provide high quality investment and risk management, and service to our clients, on September 14 2009, the Company entered into a strategic relationship with AlvineClontarf, a London and Chicago based alternative investments boutique, to bolster its asset management capabilities especially for sophisticated institutional clients. Following completion of the Transaction, we are confident that Integrated, with its strong and liquid balance sheet, is very well placed to leverage its existing streamlined businesses to take advantage of the opportunities that have been generated by the events of the last year. " The Company expects to report its half yearly results for the six months ended 30 June 2009 on 24 September 2009. Enquiries: Integrated Asset Management plc Emanuel Arbib, Chief Executive Tel: +44 20 7514 9200 Fax: +44 20 7514 9202 arbib@integratedam.c |
Posted at 15/3/2000 10:23 by mancunium Looks like one for the widows and orphans to miss.Anyway I will take up my rights, only 1300 shares in total, and regard the investment as a bet on an outsider. Good odds if it wins ! Will be interesting to read Investors Chronicle comment on Friday, will someone please post |
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