Business
Disposal of Viking Fund Managers Limited
Disposal of Viking Fund Managers Limited.
About this update from Truetide Plc
[{"type":"text","content":"\n \nRNS Number : 2638W Braveheart Investment Group plc 16 April 2019 \n\nPrior to publication, certain information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n16 April 2019\n \n \nBraveheart Investment Group plc\n(\"Braveheart\" or the \"Company\")\n \nDisposal of Viking Fund Managers Limited\n \n \nBraveheart Investment Group plc (AIM: BRH) (\"Braveheart\"), the fund management and strategic investor group, is pleased to announce that, further to the announcement on 13 December 2018, completion has now been achieved on the sale of the entire issued ordinary share capital of its subsidiary company, Viking Fund Managers Limited (\"Viking\"). The consideration paid consists of a payment of £110,000 in cash, and an additional payment, estimated to be approximately £170,500, due to be paid in cash once the performance fee of an existing fund management contract has been agreed with the client in early 2020 (\"Performance Fee\"). Furthermore, cash held by Viking at the date of completion, which totalled £72,000, was not included in the sale and has now been transferred to Braveheart and the intercompany loans payable by Braveheart, Strathtay Ventures Limited (another subsidiary of Braveheart)(\"Strathtay\") and Ridings Early Growth Investment Company Limited (another subsidiary of Braveheart)(\"REGIC\") to Viking, amounting to approximately £650,000, were forgiven immediately prior to completion of the sale. \nNot included within the sale are Ridings Holdings Limited (\"RHL\") and it's wholly owned subsidiary REGIC. The entire issued share capital of RHL was transferred to Braveheart before the date of completion. \nIn the year ended 31 March 2018, Viking achieved a profit before tax of £404,388 on revenues of £715,523. However, due to the declining fees that are being generated from existing contracts, the unaudited revenue of Viking for the year ended 31 March 2019 is estimated to be approximately £478,000 and the unaudited profit for the same period is estimated to be approximately £75,000. If no new contracts were entered into by Viking, the revenues for the y...