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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PREOS Global Office Real Estate & Technology AG | TG:PAG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:9221M BRITANNIC GROUP PLC 30 June 2003 EMBARGOED UNTIL 7AM 30 JUNE 2003 BRITANNIC GROUP PLC Sale of Britannic Money Britannic Group plc ("the Group") today announces that it has agreed the sale of Britannic Money, its wholly owned mortgage lending subsidiary, to the Paragon Group of Companies for #19 million in cash, subject to adjustment to reflect net assets at completion. The transaction is expected to complete later today. Britannic Money provides flexible residential and buy-to-let mortgages, which are distributed predominantly via independent intermediaries. The current mortgage portfolio is #2.2billion, of which the majority is securitised. For the year ended 31 December, 2002, Britannic Money made a loss before tax of #5 million and had net assets of #42 million at the year end. Britannic Money continues on course to achieve its break-even target this year. However, Britannic Money is no longer core to the Group's strategy. In addition, the mortgage market remains highly competitive and Britannic Money lacks synergies with the rest of the Group, making it difficult for Britannic Group to earn an acceptable return on the invested capital. The transaction will result in a loss of approximately #25 million after expenses. Proceeds will remain as part of Shareholders' Retained Capital in the Britannic Assurance Life Fund. Following the sale, the Free Asset Ratio of Britannic Assurance will be approximately 10.0% including implicit items and 6.7% excluding implicit items. Since the beginning of the year the equity exposure in Britannic Assurance's With Profit Fund has been reduced to 30%. The Group will no longer publish new business figures separate from the normal half yearly results announcement given the closure to new business at Britannic Assurance. Britannic Group's Interim Results will be announced on 2 September 2003. Enquiries Britannic Group plc Telephone: 01564 204475 Paul Thompson Citigate Dewe Rogerson Telephone: 0207 638 9571 Anthony Carlisle Stephanie Barrett (07939 123 220) This information is provided by RNS The company news service from the London Stock Exchange END DISFGGFVVGNGFZG
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