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SAM Syndicate

1.42
0.00 (0.00%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Syndicate LSE:SAM London Ordinary Share GB00B0GR9291 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.42 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Disposal of Subsidiary

27/04/2011 7:00am

UK Regulatory



 
TIDMSAM 
 
For immediate release: 
 
                        Syndicate Asset Management Plc 
 
                  ("Syndicate", the "Company" or the "Group") 
 
                            Disposal of Subsidiary 
 
Further to the Company's announcement of 25 February 2011, the Directors of 
Syndicate Asset Management Plc (AIM: SAM) are pleased to announce the sale, 
subject to regulatory approvals, of its institutional fixed income asset 
management businesses to Hume Capital LLP for a total consideration of up to 
approximately GBP2.1million ("Consideration"). 
 
The Consideration for EPIC Investment Partners Limited ("EPIC") and its trading 
subsidiary, EPIC Asset Management Limited ("EPAM"), is to be satisfied by a 
cash payment of approximately GBP0.35 million on completion and the writing-off 
of the existing intra-Group loan provided by EPIC to Syndicate of approximately 
GBP1.25 million. On the anniversary of completion, the Company will receive 
deferred consideration of up to GBP0.5 million in cash, conditional upon certain 
operational milestones being achieved during that period. The net proceeds of 
the sale will be added to the Group's working capital. 
 
EPIC made an unaudited reportable segment loss before tax to the Group of GBP 
68,000 for the six month period to 30 September 2010 on revenues for the same 
period of GBP1.67 million. 
 
Mark Cheshire, Syndicate Asset Management, Group Chief Executive Officer, 
commented: 
 
"The Board is delighted to have concluded the sale of EPIC in such a timely 
manner following the Group's strategic review. Our focus is now squarely on the 
wealth management sector, in particular expanding the presence of our Ashcourt 
Rowan brand and the availability of our Savoy service across the UK." 
 
Nitin Parekh, Hume Capital LLP, CEO, commented: 
 
"Hume Capital is an independently owned UK investment firm specializing in 
active fund management. Our objective is to build a strong asset management 
business focused on delivering outstanding investment performance and client 
service in a manner which aligns the interest of clients, the firm and its 
employees. The integration of a highly experienced institutional fixed income 
asset management team with a high quality client base is an important 
development for our business." 
 
-Ends- 
 
Further information: 
 
Syndicate Asset Management plc 
 
Peter Dew (Chairman) Tel: 020 7871 7350 
 
Mark Cheshire (Group CEO) 
 
Cenkos Securities plc 
 
Stephen Keys (Nomad) / Julian Morse (Sales) Tel: 020 7397 8900 
 
GTH Communications 
 
Toby Hall/Christian Pickel Tel: 020 3103 3903 
 
 
 
END 
 

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