Midas proposed disposal of iimia Wealth Management

 

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RNS Number : 4994D 
Midas Capital PLC 
03 December 2009 
 

 
 
 
 
News release 
 
 
3 December 2009 
 
 
Midas proposed disposal of iimia Wealth Management division to Jardine Lloyd 
Thompson Group Plc 
 
 
Midas Capital plc ('Midas'), the AIM quoted company encompassing fund management 
and wealth management, announces that it is in advanced negotiations regarding 
the disposal of iimia Wealth Management ('iWM'), trading as iimia plc, iimia 
Financial Planning Ltd and JK Miln & Co Ltd, to Jardine Lloyd Thompson Group Plc 
('JLT'). 
 
 
In the 6 months to 30 June 2009, the iWM businesses contributed GBP0.46 million 
to Midas' consolidated profit before management charges, amortisation, 
exceptional items and tax on revenues of GBP2.9 million. The terms agreed in 
principle involve the payment of a cash consideration on completion of GBP7.25 
million subject to adjustment based on the completion balance sheet. Completion 
is expected in January 2010. 
 
 
A significant part of the net cash consideration after costs will be used to 
further retire the group's Preference share capital. 
 
 
Colin Rutherford, Chairman, Midas, says: 
"We are extremely grateful to our wealth management team for their contribution 
over the years. The combination with JLT presents their business with an 
exciting growth opportunity. With its expected completion in January 2010 we can 
focus, as planned, on fund management activities through our Midas and Miton 
brands." 
 
 
A further announcement will be made once agreement has been reached on the final 
terms of the transaction. 
 
 
 
 
For further information, please contact: 
 
 
Colin Rutherford, Executive Chairman, Midas 07768 053 054 
Fiona Kehily, Broadgate Mainland 020 7726 6111 
Richard Vaughan/Matt Stoate, Kinmont  020 7087 9100 
(Financial Advisor to Midas) 
James Steel, Arbuthnot Securities Limited 020 7012 2000 
(Nominated Advisor and Broker to Midas) 
 
 
Web: www.midascapitalplc.com 
 
 
Kinmont Limited, which is authorised and regulated in the United Kingdom by the 
Financial Services Authority, is acting as financial advisor to the Company in 
relation to the matters referred to in this announcement and no one else and 
will not be responsible to any other person for providing the protections 
afforded to clients of Kinmont or for providing advice in relation to the 
matters referred to in this announcement. 
 
 
Arbuthnot Securities Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting as Nominated Adviser and 
Broker to the Company in relation to the matters referred to in this 
announcement and no one else and will not be responsible to any other person for 
providing the protections afforded to clients of Arbuthnot Securities Limited or 
for providing advice in relation to the matters referred to in this 
announcement." 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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