Interim Results
Millfield Group PLC
02 December 2004
Millfield Group plc
Interim Results
For the six months ended 30 September 2004
Millfield Group plc, the UK's largest national independent financial adviser,
today announced its interim results for the six months ended 30th September
2004. As Millfield's merger with Inter-Alliance Group Plc ("Inter-Alliance")
completed on 1 October 2004 following approval of Change of Controller by the
FSA, this interim set of results relates solely to Millfield, as it existed
pre-merger. The highlights were:
Financial and Operating
• Turnover up 48% to £27.3m (2003 - £18.4m) primarily due to strong organic
growth
• Losses after tax and minority interests reduced to £4.5m (2003 - £6.6m)
• Operating losses, before goodwill amortisation and results relating to our
Lifetime joint venture, were reduced to £2.3m (2003 - £5.4m)
• Losses in our Lifetime joint venture increased to £1.4m (2003 - £0.6m) as
the business spend increased prior to the launch of the business.
• Cash balances of £4.0m (2003 - £8.3m)
• On 17 May 2004, we successfully completed a share issue through a placing
to raise £3.84 million, before expenses of £0.22 million. The primary
purpose of the issue was to provide additional working capital
• Gross margins and administration costs remain tightly controlled
Post Balance Sheet Event
• On 1 October 2004, Millfield merged with Inter-Alliance creating the
largest national firm of independent financial advisers in the UK.
• The merger was structured as a share for share purchase by Millfield and
will result in the acquisition of 100% of Inter-Alliance shares. Under the
offer 5 Millfield shares were exchanged for 236 Inter-Alliance shares
resulting in Millfield shareholders owning 83% and Inter-Alliance
shareholders 17% of the new enlarged group.
• The merger was supported by five year loans totalling £15m from five
financial services Product Providers, £14m of which has now been drawn
down.
• Cost savings of £7m already identified, well in excess of the £5m
originally anticipated.
Commenting on the interim results, Richard Mansell-Jones, Chairman of Millfield,
said:
"We believe that the new group is well positioned to take advantage of the new
environment for distribution. We have significant scale, growing brand
recognition, fully independent advice, Multi-tie advice and a whole range of
specialist value added services for our clients. We are making excellent
progress integrating the two businesses and we expect to realise the substantial
benefits in line with our integration plan during the first part of next year
and each quarter thereafter. We now have the opportunity to create a highly
successful and profitable business."
Enquiries to
Millfield Group plc
Paul Tebbutt, Chief Executive Tel: 020 8604 2607
Harry Roome, Finance Director Tel: 020 8604 2623
Redleaf Communications
Emma Kane/James White Tel: 020 7955 1410
Notes to Editors:
• Millfield Group plc is now the largest national independent financial
advisory group in the UK offering truly independent financial advice to
both businesses and individuals, primarily in the pensions, life assurance,
investment and mortgage sectors. Its principal operating authorised
companies are Millfield Partnership Limited and Inter-Alliance Group Plc.
• Millfield currently retains the services of 1,785 self-employed advisers
operating from 46 locations across the United Kingdom and 21 accounting
professionals in a further 13 locations.
• Millfield concentrates on providing its services and advice to companies,
affluent individuals and affinity groups. Millfield intends to maintain its
focus on these target markets and develop its business to meet changes in
the regulatory environment. Its advisers work closely with professionals
such as lawyers and accountants to benefit their corporate and domestic
clients.
• Millfield's goal is to offer a friendly, professional advisory service
built on long-term relationships with its clients, creating security and
wealth for them.
Chairman's Statement
Since we published our last annual report Millfield has merged with
Inter-Alliance Group Plc ("Inter-Alliance"). This has created the largest
national firm of independent financial advisers in the UK and transforms the
size and capability of Millfield Group, creating a new platform from which we
can continue to build and transform the business going forwards, leveraging our
resources in order to meet new regulatory requirements which are being
introduced in the second half of our financial year.
Results
The Inter-Alliance merger became unconditional on 1 October 2004 following
approval of Change of Controller by the FSA. The results for the six months to
30 September 2004 relate solely to Millfield, as it existed pre-merger.
The first half of the year showed turnover up 48% to £27.3m (2003 - £18.4m) and
losses after tax and minority interests reduced to £4.5m (2003 - £6.6m).
• Operating losses, before goodwill amortisation and results relating to our
Lifetime joint venture, were reduced to £2.3m (2003 - £5.4m). This reflects
the increase in turnover which was achieved primarily through organic
growth, together with tight control of costs. Increases in regulatory costs
and in operating costs in subsidiary companies were partially offset by
reductions in other areas in the core business .
• Losses relating to our Lifetime joint venture increased to £1.4m (2003 -
£0.6m) as the business spend increased prior to the launch of the business.
Inter-Alliance did not publish an interim report at 30 June 2004 and I set out
below, for information, key figures derived from their management accounts for
the six months to 30 September 2004, combined with Millfield results included in
this report to give, for illustrative purposes only, a proforma set of figures
for the half year for the new group.
Inter-Alliance Millfield Proforma
£m £m £m
Turnover 36.8 27.3 64.1
Cost of Sales (28.5) (17.2) (45.7)
Gross Profit 8.3 10.1 18.4
Administrative expenses (12.0) (12.4) (24.4)
Operating loss before goodwill and exceptional items (3.7) (2.3) (6.0)
In the six months to 30 September 2004 Inter-Alliance generated turnover of
£36.8m reflecting a run rate increase of 16% on the reported turnover of £63.6m
for the year ended 31 December 2003. When publishing their annual report on 30
June 2004 Inter-Alliance stated that annualised costs were £24m; cost savings
anticipated at that date have been partially deferred pending the merger and
those achieved have been offset by increases in regulatory costs.
On 17 May 2004, we successfully completed a share issue through a placing to
raise £3.84 million, before expenses of £0.22 million. The primary purpose of
the issue was to provide additional working capital.
Operating Companies
Millfield Partnership - high quality professional National IFA with strong
brand image
This is Millfield's core business. The advisers are referred to as partners and
we have a National branch based presence throughout the UK. Our commitment to
independent financial advice is paramount to the advisers and their client
proposition. There were 386 advisers at 30 September 2004 (2003 - 400) in 14
branches and 7 satellites. Productivity increases have resulted in an increase
in turnover of 44% to £19.0m (2003 - £13.2m), giving productivity per adviser on
an issued basis, in line with the new accounting policy introduced at the last
year end, of £93,600, (2003 - £66,500). Increases reflect recruitment of new
high producing advisers, whilst managing out those with productivity below
£50,000, combined with increases for existing advisers supported by the
beneficial effect of our specialist marketing programmes. Gross margin was
36.0%.
Millfield Associate Partnership - a group of entrepreneurial firms building
their businesses under the protection and umbrella of Millfield Group plc
Turnover growth in our Associate Partnership firms has been 71% to £4.5m (2003 -
£2.4m). A number of these firms specialise in the mortgage and protection
markets which have continued to show strong growth in the period.
We supported the establishment of Legacy Protect Limited in September 2003 and
at 30 September 2004 this firm had 141 advisers, specialising in protection.
This firm has been used to pilot an operations model which we intend to roll out
in the new Multi-tie environment. Since 1 April 2004, 2 further start-up firms
have joined.
These new firms bring the total in Millfield Associate Partnership to 15, of
which 12 have stepped acquisition agreements in place. There were 304 advisers
in these firms at 30 September 2004 (2003 - 185).
Millfield Direct - providing e-commerce support for group clients
The operations of Simply Millfield have now been transferred from Manchester to
our business centre in Hull and it is now providing an online service to clients
making contact through Millfield Online Solutions, our internet business, and
existing Simply Millfield clients. Arrangements are being put in place for
services to be provided to clients of Millfield Partnership advisers who wish to
provide additional services for clients, many of whom have purchased a product
rather than the full value added independent package. These clients are
serviced through Hull with turnover being split between the company and the
adviser unless the client requests a face to face meeting. Services are
continuously being developed and expanded.
RST Group - an Accounting business specialising in the small business market
RST comprises a firm of Accountants based in the north of England and Scotland
and a financial services firm providing support to the client base. There are
21 accounting professionals and 9 financial advisers. In the first half of the
year the business has been going through a period of consolidation, bringing
together a number of the offices previously acquired as small accounting
practices, reducing the number of offices to 13 (2003 - 16) with 110 staff (2003
- 126). Turnover of £2.6m (2003 - £1.9m) reflects the contribution from an
acquisition in Preston in September 2003 and growth in the financial services
business and resulted in an operating profit of £0.2m (2003 - loss of £0.1m).
Inter-Alliance Operating Companies
Inter-Alliance Group - highly professional National IFA
Inter-Alliance has 483 advisers based in 10 branches and 17 satellites. In the
six months ended 30 September 2004 they generated turnover of £12.6m, with
average annualised productivity of £47,700.
Inter-Alliance Group Practices - a group of entrepreneurial principals in firms
enjoying freedom, individuality with the opportunity to build a business
There are 54 Group Practices with 294 advisers generating turnover of £11.3m in
the six months ended 30 September 2004, with average annualised production per
firm of £415,100 and £75,400 per head.
Sage - a network providing core services to its member firms encompassing
compliance, training & competence, commission processing and professional
indemnity
Sage has 232 independent financial advisers in 153 firms and 86 non-regulated
advisers who produced turnover of £8.0m in the six months ended 30 September
2004.
International - a freestanding offshore financial advisory business based in
Cyprus
Turnover in the half year was £4.7m generating gross profit of £1.0m. After
costs of £0.7m the business produced an operating profit of £0.3m.
Integration of the Merged Group
The merger of Millfield and Inter-Alliance was announced on 6 August 2004 and
became unconditional on 1 October 2004. The merger was structured as a share
for share offer by Millfield and will result in the acquisition of 100% of
Inter-Alliance shares. Under the offer 5 Millfield shares were exchanged for
236 Inter-Alliance shares resulting in Millfield shareholders owning 83% and
Inter-Alliance shareholders 17% of the new enlarged group. The merger was
supported by five year loans totalling £15m from five financial services Product
Providers, £14m of which has now been drawn down in full.
Integration planning has been taking place since 6 August and implementation
commenced on 1 October with completion of the merger. The principal workstreams
within the programme are:
1. Distribution Structure. Our existing businesses are being restructured into
a new set of marketing channels. The marketing channel proposition is as
follows:
• Millfield Partnership - formed from a combination of Millfield Partnership
and Inter-Alliance Group National IFAs. The objective is to create a high
quality professional independent business with a strong brand and market
presence with a full service proposition for its advisers.
• Millfield Enterprise - a group of firms operating from their own premises
and utilising the marketing and support structure of the National firm,
formed from Millfield Associate Partnership and Inter-Alliance Group
Practices. Millfield Enterprise will assist the development of
entrepreneurial principals within firms who through their own ambition and
determination want to build a profitable and effective organisation under
the protection and umbrella of the new Group.
• Millfield Sage - an IFA network with a core package of services to support
existing and new businesses. The objective is to increase the range of
services and develop a premium network.
• Millfield Direct - an e-commerce business to support the retention and
servicing of clients, complementing services provided by their IFA.
• RST - an accountancy firm focusing on small to medium businesses providing
a full range of services including financial services
• Inter-Alliance International - an offshore financial advisory business
based in Cyprus.
Millfield Alliance - a new trading style which is being specifically developed
to accommodate depolarisation and the advent of Multi-Tie which will be
available across all marketing channels
2. IFA Commission Terms. A complete review is taking place across the Group in
order to ensure that the terms offered to all marketing channels are fair
and reflect the services provided. Terms are being brought together for
Millfield Partnership and Millfield Enterprise, based on a new structure,
from 1 January 2005.
3. Premises. The existing 24 branches and 22 satellites are to be rationalised
to 17 strategic branches and 8 satellites with a number of locations being
taken over by Millfield Enterprise firms. The Inter-Alliance head offices
in Cirencester and Wimbledon are to be closed in January 2005.
4. Staffing. Staff consultation is currently taking place. Savings of 30% are
anticipated with the majority of changes to be in place by 1 January 2005.
Senior managers have been appointed with an even balance from both
organisations.
5. IT. Millfield will move across to the Atlas business support and processing
system, which is owned by Inter-Alliance, in the first quarter of 2005.
6. Business Processes. Inter-Alliance operations will be restructured to
utilise the Millfield business centre in Hull, providing efficient, quality
servicesthroughout the Group.
7. Purchasing. A full review of all supply arrangements is taking place.
8. Mortgages. Mortgage regulation has been brought into the FSA from 1 November
2004. In the past Inter-Alliance advisers have generally placed mortgage
business outside the company - this business will now be brought in house
under our specialist programme, Millfield Mortgage Solutions.
9. Multi-tie. New Multi-tie rules are being introduced by the FSA with effect
from 1 December 2004. Millfield now expects to form a specialist division
under the name Millfield Alliance in conjunction with five or six leading
financial services institutions. Advisers will be able to place business
within the Multi-tie with many benefits - a simpler sales process, special
products, streamlined administration and enhanced commission rates. Our
target date for implementation is currently 15 January 2005.
It is anticipated that the businesses will be substantially integrated by the
end of the first quarter next year so that merger benefits will accrue in full
in our next financial year. We aim to move to an annual cost base below £41m
for the combined businesses as we have identified merger savings in excess of
those anticipated, which will more than offset increases in regulatory costs
which have arisen since the merger was announced. This fast integration, the
use of a single mortgage operation and the introduction of a multi-tie division
will allow the business to focus on further revenue growth.
Business Closures
In order to focus on the opportunities in the core business and to contain costs
a number of businesses are being divested or closed.
Millfield Moncur Jackson Limited - this company was closed on 10 August 2004 and
its business transferred to a new Millfield Associate Partnership firm.
Simply Millfield Limited - The operations of this company were transferred from
Manchester to our Hull business centre in May 2005 and the skills and
infrastructure built are being used primarily to support the existing client
base.
Product Innovations Limited - this firm is being sold to its management.
Millfield is entering into an exclusive contract for the continued supply of
innovative bespoke financial services products.
Inter-Alliance (Mortgages) Limited - this company is being sold to its
management and will become a member of the Sage network.
Lifetime Group Limited
During the period the company continued its work on developing the
infrastructure and systems required to deliver its online personal portfolio
service. It is now expected that the service will be launched in early 2005
following regulatory approval and live testing.
On 8 October 2004 Norwich Union agreed to make a further investment of £13.0m
into Lifetime, taking their shareholding up from 49.9% to 70%. Millfield will
retain a shareholding of 24.7%, 14.6% as a fixed asset investment and 10.1% held
for resale. Under the terms of the subscription £824,400, before expenses of
£80,000, was paid to Millfield. As this transaction results in Millfield's
fixed asset investment being below 20% of Lifetime's issued share capital, this
business will in future be accounted for as an investment rather than as a joint
venture.
Board
The Board of the company is now made up of myself, Richard Mansell-Jones, as
chairman, Paul Tebbutt and Harry Roome as executive directors and Mike Walmsley,
Tom Morton and David Stockdale as non-executive directors.
Following the merger with Inter-Alliance, Bryan Beeston, Roger Brosch and
Darrell Smith resigned from the Board and Tom Morton, Keith Carby and Michael
Burne joined it. Subsequently, on 10 November, Keith Carby and Michael Burne
ceased to be directors and they, and Roger Brosch, have left the group.
The Group Executive Board, the main operational Board for the group, is now made
up of Paul Tebbutt, Chief Executive, Harry Roome, Finance Director, Bryan
Beeston, Group Sales Director, Mike Duncan, Operations Director, Frank Gorrie,
Managing Director Sage Network and Darrell Smith, Northern Sales Director.
We have been most fortunate as we have worked our way through these changes to
have the talent in depth within the group that has allowed us to fill these
posts internally. I wish the new appointees well in their new roles going
forwards.
Outlook
The UK Financial Services sector continues to face major demands for change.
The drivers of this change are economic, political and regulatory in origin and
this continuous change has encouraged a trend towards sector consolidation.
We believe that the new group is well positioned to take advantage of the new
environment for distribution. We have significant scale, growing brand
recognition, fully independent advice, Multi-tie advice and a whole range of
specialist value added services for our clients. We are making excellent
progress integrating the two businesses and we expect to realise the
substantial benefits in line with our integration plan during the first part of
next year allowing us to concentrate on revenue growth thereafter.
I have been most impressed by the way in which employees from the two groups
have been working together and how the selection process has identified the best
people to take the business forward. This has resulted in taking the best from
both companies to create best business practices. We now have the opportunity
to create a highly successful and profitable business.
Richard Mansell-Jones
Non-Executive Chairman
1 December 2004
Consolidated Profit & Loss Account
Six months ended Year ended
30 September 31 March
2004 2003 2004
As Restated
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
TURNOVER 27,300 18,384 41,899
Cost of Sales (17,204) (11,688) (27,057)
Gross Profit 10,096 6,696 14,842
ADMINISTRATIVE EXPENSES
Goodwill amortisation (721) (760) (1,388)
Impairment losses - - (2,166)
Other (12,429) (12,081) (24,169)
(13,150) (12,841) (27,723)
OPERATING LOSS (3,054) (6,145) (12,881)
Share of operating loss in:
Joint venture (1,359) (561) (1,517)
Associate (48) (7) (53)
Interest receivable and similar income:
Group 59 87 198
Joint venture 20 11 39
Interest payable and similar charges (113) (92) (153)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (4,495) (6,707) (14,367)
Tax on loss on ordinary activities 8 2 (27)
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION (4,487) (6,705) (14,394)
Equity minority interests (10) 83 324
LOSS FOR THE FINANCIAL PERIOD
ATTRIBUTABLE TO SHAREHOLDERS (4,497) (6,622) (14,070)
Deficit brought forward (37,059) (22,989) (22,989)
DEFICIT CARRIED FORWARD (41,556) (29,611) (37,059)
Basic and diluted loss per share (4.78p) (8.96p) (16.67p)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Loss attributable to members of the company (4,497) (6,622) (14,070)
Surplus arising in issue of shares in joint - 841 2,227
venture
Total recognised gains and losses relating to (4,497) (5,781) (11,843)
the year
Prior period adjustment - (2,508) (2,508)
Total gains and losses recognised since the (4,497) (8,289) (14,351)
last annual report
Consolidated Balance Sheet
30 September 31 March
2004 2003 2004
As Restated
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
FIXED ASSETS
Intangible assets 14,298 17,710 14,977
Tangible assets 4,520 3,733 4,098
Investments in joint venture:
Share of gross assets 1,235 1,687 2,212
Share of gross liabilities (730) (343) (368)
Goodwill arising on acquisition less 1,549 1,632 1,591
amortisation
Investments in associate:
Share of net liabilities (101) (7) (53)
Goodwill arising on acquisition less 2 2 2
amortisation
20,773 24,414 22,459
CURRENT ASSETS
Stocks 5 5 6
Debtors 9,769 8,420 9,922
Investments 251 251 251
Cash at bank and in hand 4,029 8,279 4,515
14,054 16,955 14,694
CREDITORS amounts falling due within one year (8,826) (7,955) (10,686)
NET CURRENT ASSETS 5,228 8,999 4,008
TOTAL ASSETS LESS CURRENT LIABILITIES 26,001 33,413 26,467
CREDITORS amounts falling due after more than one (2,347) (2,501) (2,161)
year
23,654 30,912 24,306
PROVISIONS FOR LIABILITIES AND CHARGES (1,581) (1,491) (1,364)
MINORITY INTERESTS
Equity minority interests 270 (90) 280
NET ASSETS 22,343 29,331 23,222
CAPITAL AND RESERVES
Called up share capital 172 159 160
Deferred consideration 1,309 1,634 1,309
Share premium account 48,482 44,599 44,876
Merger reserve 11,709 11,709 11,709
Capital reserve 2,227 841 2,227
Profit and loss account (41,556) (29,611) (37,059)
EQUITY SHAREHOLDERS' FUND 22,343 29,331 23,222
These financial statements were approved by the Board of Directors on 1 December
2004.
Signed on behalf of the Board of Directors:
Richard Mansell-Jones Paul Tebbutt Harry Roome
Consolidated Cash Flow Statement
Six months ended Year ended
30 September 31 March
2004 2003 2004
As Restated
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Operating loss (3,054) (6,145) (12,881)
Depreciation charge 721 541 1,205
Profit on sale of tangible fixed assets (23) - -
Decrease/(increase) in stocks 1 - (1)
Goodwill amortisation charge 721 760 1,388
Impairment of intangible fixed assets - - 2,166
Decrease/(increase) in debtors 153 (1,285) (2,996)
(Decrease)/increase in creditors (3,760) (187) 3,218
Increase/(decrease) in provisions 217 51 (76)
Reclassification of intangible fixed assets - - 10
Restatement of intangible value in RST Group Limited due to - - (96)
prior year adjustment
Deferred consideration - - (589)
Net cash outflow from operating activities (5,024) (6,265) (8,652)
Returns on investments and servicing of finance
Interest received 59 87 198
Interest paid (113) (92) (153)
(54) (5) 45
Taxation
UK corporation tax paid 13 3 -
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,215) (450) (1,478)
Sale of tangible fixed assets 95 - -
(1,120) (450) (1,478)
Acquisitions and disposals
Purchase of subsidiary undertakings - (425) (379)
Acquisition expenses - (22) (52)
Purchase of fixed asset investments - - (127)
Investment in associate - (2) -
- (449) (558)
Financing
Cash receipt from share issue 3,840 10,154 10,154
Expenses paid in connection with share issue (222) (1,407) (1,455)
New secured loans 2,300 - -
Medium-term bank loans (186) (98) (251)
5,732 8,649 8,448
(Decrease)/Increase in cash in the period (453) 1,483 (2,195)
Reconciliation of net cash flow to movements in funds
(Decrease)/increase in cash in the period (453) 1,483 (2,195)
Cash (inflow)/outflow from (increase)/decrease in debt (2,114) 98 251
Change in net funds resulting from cash flows (2,567) 1,581 (1,944)
Loan notes 1,050 - 22
Movement in net funds in year (1,517) 1,581 (1,922)
Net funds at beginning of period 2,346 5,630 4,268
Net funds at end of period 829 7,211 2,346
Notes
1. BASIS OF PREPARATION
The interim accounts, which are unaudited, have been prepared on the basis of
the accounting policies set out in the 2004 group accounts. The figures shown
for the full year ended 31 March 2004 represent an abridged version of the full
accounts of Millfield Group plc for that year, which have been filed with the
Registrar of Companies and on which the auditors have given an unqualified
report. The financial information contained in this interim report does not
constitute the Group's statutory accounts within the meaning of section 240 of
the Companies Acts 1985.
2. LOSS PER SHARE
The calculation of loss per share on losses attributable to shareholders is
based on losses after taxation of £4,497,000 (2003: £6,622,000) and on
94,029,824 (2003: 73,936,187) ordinary shares, being the weighted average number
of shares in issue during the six months.
FRS 14 requires presentation of diluted EPS when a company could be called upon
to issue shares that would decrease net profit or increase net loss per share.
For a loss making company with outstanding share options, the exercise of
in-the-money options would reduce rather than increase the net loss per share
and thus such options are not dilutive as defined in the FRS. Similarly,
although net loss per share would be increased by the exercise of
out-of-the-money options, it seems inappropriate to assume that option holders
would act irrationally and exercise those options. Accordingly no adjustment has
been made to diluted EPS for either in-the-money or out-of-the-money share
options and, since there are no other diluting future share issues, the diluted
loss per share is the same as the basic loss per share for the year.
3. PRIOR PERIOD ADJUSTMENT
Comparative figures for the six months ended 30 September 2003 have been
restated to comply with the addition of Application Note G to FRS 5 'Reporting
the Substance of Transactions': Revenue Recognition. The previous policy for the
recognition of commission based business was on a submitted basis with a
provision against policies not taken up.
Application Note G to FRS 5 also required the value of income and unbilled work
in progress to be included in turnover at realisable value when the Group
obtains the right to consideration of such work in progress rather than on
billing. The previous policy for the recognition of work in progress was to
value it at book value less any element of profit contained in that value.
4. POST BALANCE SHEET EVENTS
Millfield merged with Inter-Alliance Group Plc on 1 October 2004. Millfield
Group plc is issuing 19,695,210 Ordinary Shares in exchange for 100% of the
issued share capital of Inter-Alliance Group Plc.
On 8 October 2004, Lifetime Group Limited agreed to allot a further 17,134,556
shares to Norwich Union for a consideration of £13.0m. As a result of the
subscription, Millfield was paid a control premium of £824,400 by Norwich Union.
Following this transaction, Millfield Group plc's shareholding will reduce to
24.7%, 14.6% held as a fixed asset investment and 10.1% held for resale.
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