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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Charles Stanley Group Plc | LSE:CAY | London | Ordinary Share | GB0006556046 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 512.50 | 510.00 | 515.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5255O Charles Stanley Group PLC 11 August 2003 11 August 2003 Charles Stanley Group plc Acquisition of business of Nothingventured.com Acquisition of part of Private Client Stockbroking business of Durlacher Following the acquisition last month of the EBS Group of companies, Charles Stanley plc ("Charles Stanley" or the "Company") is pleased to announce that it has today entered into two agreements with Durlacher Corporation plc ("Durlacher") for the purchase of the business of Durlacher's award-winning online share dealing service "Nothing Ventured" and for the purchase of part of their Private Client Stockbroking business. Under the agreement for Nothing Ventured (the "NV Agreement"), the Company has agreed to acquire the business and certain assets of the on-line stockbroking business, for a total of up to #1,000,000 cash consideration. Under the terms of the NV Agreement the consideration will be satisfied as to: (1) #100,000 on completion; and (2) the sum equal to 30 per cent. of the annual net income of the Nothing Ventured business for each of the four years after the date of completion, less the initial #100,000 paid on completion. Durlacher will retain any liabilities arising from the operation of its Nothing Ventured business up to the date of completion. Charles Stanley has also entered into an agreement ("Broker Agreement") to acquire part of the business and assets of the Private Client Stockbroking business of Durlacher for a maximum consideration of #3.5 million in cash. The consideration under the terms of the Broker Agreement will be satisfied as to: (1) #250,000 on completion; and (2) a further amount following Completion with reference to one times the average annual gross revenues generated over the 2 years following Completion by the business and assets disposed of under the Agreement, less the amount set out in (1) above. Durlacher will retain any liabilities arising from the operation of its Private Client Stockbroking business up to the date of completion. These acquisitions will build on the Company's existing private client stockbroking business, and extend its internet share trading service. The Nothing Ventured business being acquired provides execution-only share dealing services to the public via the internet, and by telephone carried on under the name Nothing Ventured. The element of the Private Client Stockbroking business being acquired provides execution-only, advisory and discretionary stockbroking services to its customers, principally in UK equities, bonds, traded options and contracts for differences. In the 12 months ending 30 June 2002, the un-audited management accounts of Durlacher showed that the Nothing Ventured business generated gross revenues of approximately #560,000 and a gross profit of approximately #280,000, while the Private Client Stockbroking business that is the subject of the acquisition generated gross revenues of approximately #703,000 and a gross profit of approximately #352,000 At the year-end date, the net assets the subject of both acquisitions were valued at less than #50,000. Completion of the NV Agreement is expected to take place on 17 October 2003 and is conditional upon no objection being lodged to the proposed acquisition by the Financial Services Authority. Completion of the Broker Agreement is expected to take place on 26 September 2003 and is conditional upon: (1) no objection being lodged to the proposed acquisition by the Financial Services Authority; and (2) the entering into, by certain of the brokers engaged in Durlacher's Private Client Stockbroking business, of compromise agreements with Durlacher and contracts with Charles Stanley. Michael Clark, director of Charles Stanley, commented: "This continues to be an exciting time of growth for Charles Stanley. As a full service stockbroker, these acquisitions not only build on our private client capability but also enhance our position as a substantial provider of internet share dealing services. We are looking forward to working with our new colleagues" Enquiries: Peter Hurst, Finance director Michael Clark, Director Charles Stanley Group plc 020 7739 8200 This information is provided by RNS The company news service from the London Stock Exchange END ACQPBMMTMMTBBRJ_SN_RNS5255O_SU_RNSTEST_XX_103011.1191_RZ__RT_R.xRoute.001 ~
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