Disposal

 

TIDMMDS 
 
RNS Number : 4714J 
Midas Capital PLC 
31 March 2010 
 

 
 
News release 
 
31 March 2010 
 
 
              Midas Capital plc sells Guernsey and South African 
                   international fund management subsidiaries 
 
Midas Capital plc, the AIM quoted company, ("Midas") has entered into agreements 
to sell Guernsey based Midas Capital International Ltd, together with its' 
subsidiary Midas Capital (Guernsey) Ltd ("MCI")  and South African based Midas 
Capital Asset Management (Pty) Ltd ("MCAM"). 
 
MCI is to be sold to MitonOptimal International Ltd ("MitonOptimal") and MCAM is 
to be sold to a management consortium led by the MCAM CEO, Scott Campbell. 
Completion is expected to take place within one month. 
 
MCI and MCAM, are wholly owned subsidiaries of Midas Capital International Ltd, 
operating fund management activities under the MitonOptimal brand, with funds 
based in Guernsey and South Africa. For the year ended 31 December 2009, MCI and 
MCAM had combined revenues of GBP1.6 million, incurred a pre-tax loss of 
GBP292,000, had assets under management totaling GBP62 million and a net book 
value of GBP298,000. 
 
The consideration receivable for MCI and MCAM will comprise a cash payment of 
GBP300,000 as well as a dividend pre completion of surplus net cash in the MCI 
and MCAM companies, amounting to approximately GBP270,000. 
 
Colin Rutherford, Chairman, Midas Capital plc, says: 
"The sale of MCI and MCAM to MitonOptimal completes the planned initial moves to 
refocus the Group activities back to its core UK business. I would like to pay 
tribute to the MCI and MCAM teams for their contribution to the Group over the 
past 2 years and wish them success for the future." 
 
 
For further information, please contact: 
 
Colin Rutherford, Executive Chairman, Midas Capital plc                 07768 
053 054 
Roland Cross, Director, Broadgate Mainland 
020 7726 6111 
James Steel, Arbuthnot Securities Limited 
020 7012 2000 
(Nominated Advisor and Broker to Midas) 
 
Web: www.midascapitalplc.com 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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