Business
Acquisition
Acquisition.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 2443X Conister Financial Group plc 23 June 2008 \n \nFOR IMMEDIATE RELEASE 23 June 2008\n\nConister Financial Group PLC ('CFG')\n\nAcquisition of strategic stake in Equity Special Situations Limited ('ESS') and the issue of equity\n\nConister Financial Group plc is pleased to announce that it has agreed to acquire a 9.9% interest in Equity Special Situations Limited, the AIM listed strategic investment company for a consideration of approximately £4.453 million, satisfied by the issue of new CFG ordinary shares to ESS and cash.\n\nCFG will acquire 2,042,705 new ordinary shares in ESS at a price of 218 pence per share; representing 9.9% of ESS's then issued share capital. The investment is to be funded through the issue to ESS of 5,575,150 new ordinary shares in CFG ('Consideration Shares'); representing 9.9% of CFG's then issued share capital together with a cash payment to ESS of approximately £0.3 million.\n\nThe ownership of a significant stake in ESS, a successful and dynamic Investment Company, is a further step in CFG's strategy to transform itself into flagship offshore private banking and financial service group. The acquisition follows shortly after a Scheme of Arrangement in January 2008 which created CFG as the new holding company of the former Conister Trust PLC to facilitate such acquisitions.\n\nESS is incorporated in Guernsey and was floated in 2004. Its investment strategy is to purchase and hold large stakes in companies and other investment funds and then to assist management to grow the business. Their current investments include STM Group Plc, a leading financial services group in the international corporate and trustee service provider sector, based in Gibraltar; Sy...