Trio Holdings PLC
1 November 2001
TRIO HOLDINGS PLC
Disposal of Martin International Securities Limited.
The Board of Trio Holdings PLC ('Trio') today announces the sale of Trio's
wholly owned subsidiary Martin International Securities Limited ('MIS') to
Martin International Securities Holdings LLC ('MIS LLC') incorporated in
Delaware USA, for total cash consideration of £362,000. MIS LLC is unconnected
to Trio. The consideration payable is equal to the unaudited net asset value
of MIS at 31 October 2001 after the repayment to Trio of a subordinated loan
of £494,000.
Trio's operating subsidiaries include some 180 brokers principally in Forward
Foreign Exchange, Deposits, Off Balance Sheet instruments, Arbitrage and
Equity Derivatives. MIS was the small team of 10 brokers within Trio
specifically engaged in the 'matched principal' broking of Corporate Euro
Eurobonds.
Due substantially to the unique high cost of settlement of these 'matched
principal' transactions within Trio, where all the other businesses broker on
a high volume 'name give up' basis, it was recognised that further organic
growth of the Eurobond activity to achieve eventual profitability would be too
challenging to sustain, the direct cost to the Group over the last twelve
months being approximately £700,000. The benefit to Trio of this sale is the
cessation of any further losses at MIS.
The Board expects to announce the full results of Trio for the year ended 30
September 2001 during the week ending 14 December 2001.
Enquiries to:
David Hagan, Executive Chairman, Trio Holdings PLC, 020 7489 8033
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.