Acquisitions of Minority Interests in Subsidiaries
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Press release |
12 February 2013 |
Frenkel Topping Group plc
("Frenkel Topping", "the Company" or, together with its subsidiaries "the Group")
Acquisitions of Minority Interests in Subsidiaries
Frenkel Topping (AIM: FEN), the provider of specialist independent financial advice on the investment of personal injury damages and clinical negligence awards, is pleased to announce that on 11 February 2013 it entered into an unconditional agreement with John Frenkel ("Seller") to acquire the minority 17.2 per cent. interests it does not currently own in Frenkel Topping Limited ("FTL") and Frenkel Topping Structured Settlements Limited ("FTSSL") (together, "Acquisitions"). Following the Acquisitions, FTL and FTSSL will both be wholly owned subsidiaries of the Company.
FTSSL is a dormant non-trading company and FTL conducts the vast majority of the Group's trading business. In the year to 31 December 2011, FTL had profits before tax of £954,289 and FTSSL had profits before tax of £0. The Company is paying £1 for the interest in FTSSL which is being satisfied by the issue of 6 ordinary shares of 0.5 pence each in the Company ("Ordinary Shares") to the Seller and is paying £749,999 for the interest in FTL which is being satisfied by the issue of 4,225,346 Ordinary Shares to the Seller (together, "Consideration Shares").
Application will be made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 18 February 2013.
Following the issue of the Consideration Shares, the Company's issued ordinary share capital will consist of 62,314,660 Ordinary Shares, all with voting rights. The total number of current voting rights in the Company will therefore be 62,314,660. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company.
- Ends -
For further information please contact:
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Frenkel Topping Group Plc |
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Richard Fraser, Chief Executive |
Tel: +44 (0)161 886 8000 |
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Shore Capital |
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Pascal Keane / Patrick Castle |
Tel:+44 (0)20 7408 4090 |
Media enquiries:
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Abchurch |
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Joanne Shears / Jamie Hooper |
Tel: +44 (0) 20 7398 7719 |
Notes to Editors:
About Frenkel Topping
Frenkel Topping Limited ("Frenkel Topping") is the trading subsidiary of Frenkel Topping Group Plc.
Frenkel Topping provides specialist independent financial advice on the investment of personal injury damages and clinical negligence awards. Frenkel Topping offers a complete service for all personal injury claims handlers, lawyers and individual clients, dealing with awards from tens of thousand pounds to multi-million pound cases. Frenkel Topping's expertise includes asset protection, bespoke investment portfolios, analysis of periodical payments, Court of Protection portfolios and provision and setting up of trustee and receivership bank accounts. Frenkel Topping has £445 million of clients' funds in its investment management service.
The Group's strategy is to continue to grow its Funds in Investment Management Services organically and to maintain steady levels of recurring revenues at their current high levels of circa. 70%. The Group's strong market position and preparedness in terms of the incoming Retail Distribution Review mean that it is well poised for future growth.
This information is provided by RNS
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