Secure Trust Banking Group PLC
15 January 2003
14 January 2003: for immediate release
SECURE TRUST BANKING GROUP PLC
('Secure Trust')
ACQUISITION OF
OLD MUTUAL SECURITIES LIMITED
('the Acquisition')
The Board of Secure Trust is pleased to announce the completion of the
Acquisition of Old Mutual Securities Limited ('OMS').
Henry Angest, Chairman and Chief Executive of Secure Trust said
'We are delighted to have satisfied all of the conditions required to complete
the acquisition of Old Mutual Securities. The business, which will trade under
the Arbuthnot name, provides us with an excellent platform to build an
investment banking operation, well positioned to take full advantage of the
opportunities in the under-exploited mid-cap market.'
It has been agreed that the initial consideration and any deferred consideration
which brings the total to a sum greater than £10 million will now be satisfied
in seven year subordinated loan notes. Further, in the event that OMS incurs a
loss in the year ending 31 December 2003, the vendor has agreed to bear such
losses up to a maximum of £1 million, subject to a claw-back if, in the
following year, the profits are in excess of £1 million.
Enquiries:
Secure Trust Banking Group PLC
Henry Angest, Chairman and Chief Executive 020 7374 0417
Stephen Lockley, Finance Director 020 7600 4022
This information is provided by RNS
The company news service from the London Stock Exchange