Business
Partial Disposal of Investment
Partial Disposal of Investment.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 8147I B.P. Marsh & Partners PLC 08 July 2013 \n \n\nDate: 8th July 2013\nOn behalf of: B.P. Marsh & Partners Plc (\"the Company\", \"the Group\" or \"B.P. Marsh\")\n \n \n \nB.P. Marsh & Partners Plc\nCompletion of Partial Disposal of Investment in Hyperion and strategy update\n· £29.2m cash consideration for disposal of 80% of holding\n· Retention of 2.76% stake\n· Repayment/cancellation of £4.325m Directors' Loan facility \n· Dividend of 1.25p per share declared\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, is pleased to announce that the transaction to sell 80% of its holding (5,623,520 shares) in Hyperion to the global growth equity firm General Atlantic Hawthorn B.V. (\"General Atlantic\") has now completed following receipt of FCA approval, competition clearance in Germany and regulatory clearance in Texas, Spain and Singapore. The cash consideration of £29,242,304 (equating to £5.20 per A Ordinary Share of Hyperion) has been received.\n \nThe 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 on 8th July 2016 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. \n \nAs a leading niche provider of capital to early stage financial service companies, B.P. Marsh was instrumental in co-founding and funding Hyperion in 1994, with an initial equity investment of £25,000 and a further equity investment of £4,320,403 over the subsequent 18 years. Since then, B.P. Marsh has overseen Hyperion's growth th...