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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ducat Ventures | LSE:DUC | London | Ordinary Share | GB00B57QBG80 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.055 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5250O Durlacher Corporation PLC 11 August 2003 Embargoed until 10.30 a.m. 11 August 2003 Durlacher Corporation Plc Sale of Private Client Stockbroking business for up to #3.5 million Durlacher Corporation Plc ("Durlacher" or "Company") is pleased to announce that it has today entered into an agreement ("Agreement") to sell part of the business and assets of its Private Client Stockbroking business to Charles Stanley Group plc ("Charles Stanley") for a maximum consideration of #3.5 million in cash. This disposal falls to be classified as a class 2 disposal under the Listing Rules of the UK Listing Authority. The Private Client Stockbroking business being sold provides execution-only, advisory and discretionary stockbroking services to its customers principally in UK equities, bonds, options and contracts for differences. In the twelve months ended 30 June 2002, the unaudited management accounts of Durlacher showed that its Private Client Stockbroking business the subject of this disposal generated gross revenues of approximately #703,000 and a gross profit of approximately #352,000. At the same date, the net assets the subject of the disposal were valued at #nil. Revenues as per the unaudited management accounts for the twelve months ended 30 June 2003 were #1.1 million. Completion of the Agreement ("Completion") is expected to take place on 26 September 2003 and is conditional upon: (1) no objection being lodged to the proposed disposal by the Financial Services Authority; and (2) the entering into by the brokers transferring from Durlacher's Private Client Stockbroking business of compromise agreements with Durlacher and contracts for services or employment contracts with Charles Stanley. The total of up to #3,500,000 cash consideration will be satisfied as to: (1) #250,000 on completion; and (2) further amounts 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. The total amount receivable by Durlacher is capped at a maximum of #3,500,000. Durlacher will retain any liabilities arising from the operation of its Private Client Stockbroking business up to the date of Completion. The proceeds of the disposal strengthen the balance sheet and will be applied to developing Durlacher's investment banking and fund management businesses going forward. In addition, the disposal reduces the cost base of Durlacher. Tony Caplin, Chairman of Durlacher, commented: "We are very pleased to have taken another step in Durlacher's re-structuring and re-focussing as an investment bank with the successful sale of part of the Private Client Stockbroking business to Charles Stanley. We believe that Charles Stanley has a strong brand and position in private client stockbroking and believe that Durlacher's Private Client Stockbroking business will flourish under its ownership." Enquiries: Christopher Stainforth, Chief Executive Durlacher Corporation Plc 020 7459 3600 Sophie Dawn, Marketing & communications Durlacher Corporation Plc 020 7459 3600 David Rydell / Billy Clegg Bell Pottinger Financial 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange END DISBGGDISDBGGXB
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