Business
Partial Disposal and Trading Update
Partial Disposal and Trading Update.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 0582B B.P. Marsh & Partners PLC 27 March 2013 \n \n\nDate: 27th March 2013\nOn behalf of: B.P. Marsh & Partners Plc (\"the Company\", \"the Group\" or \"B.P. Marsh\")\nFor immediate release\n \n \nB.P. Marsh & Partners Plc\nPartial Disposal of Hyperion Investment and Trading Update\n· £29.2m cash consideration for disposal of 80% of holding\n· Increase of £4.3m on last published valuation \n· Retention of 2.76% stake\n· Repayment/cancellation of Directors' Loan facility on completion\n \nPartial Disposal of shareholding in Hyperion Insurance Group Limited (\"Hyperion\")\n \nB.P. Marsh & Partners Plc, (AIM: BPM), a niche venture capital provider to early stage financial services businesses, announces that it has agreed to sell 80% of its holding (5,623,520 shares) in Hyperion to the global growth equity firm General Atlantic for a cash consideration of £29,242,304; this equates to £5.20 per A Ordinary Share. The Group most recently valued its 13.8% shareholding (7,029,400 shares) at £31,132,000 pre-tax at 31st July 2012. Therefore the proposed disposal of 80% of its stake at this price would represent an effective uplift of £4,336,704 upon this most recent published valuation.\n \nOn completion, the Company will retain a 2.76% stake in Hyperion subject to a Call Option arrangement which will allow General Atlantic to purchase the Company's remaining stake of 1,405,880 A Ordinary Shares of Hyperion at £5.20 per share. The Call Option will expire and fall away upon the third anniversary of Completion or upon Hyperion undertaking an Initial Public Offering (\"IPO\"), whichever is the earlier. Under the Call Option the Group could receive a further £7,310,576 in cash if exercised. Based upon the last published valuation of these shares this would represent an effective uplift of £1,084,176. \n \nThe Share Purchase Agreement includes an anti-embarrassment provision, which provides that if Hyperion und...