MDS Midas Cap.

 

TIDMMDS TIDMJLT 
 
RNS Number : 0672G 
Midas Capital PLC 
25 January 2010 
 

 
 
News release 
 
 
25 January 2010 
 
 
Midas completes sale of iimia Wealth Management 
to Jardine Lloyd Thompson Group Plc 
 
 
Further to the announcement made on 3 December 2009, Midas Capital PLC 
("Midas") announces that it has completed the sale of iimia Wealth Management 
("iWM"), trading as iimia plc, iimia Financial Planning Ltd and J K Miln & Co 
Ltd, to Jardine Lloyd Thompson Group plc ("JLT"). 
 
 
The consideration receivable for iWM is GBP7.25million. This comprises a minimum 
initial agreed cash payment of GBP6.5 million, with further cash payments due of 
up to GBP1.8 million, after the determination of the value of the surplus net 
assets of iWM as at the completion date and includes the release of a GBP0.25 
million retention. 
 
 
iWM had combined revenues for the 6 month period ended 30 June 2009 of GBP2.9 
million and contributed GBP0.46 million to Midas' consolidated profit before 
management charges, amortisation, exceptional items and tax. As at 30 June 2009 
the net book value of the iWM business, after deduction of intangible assets and 
net intercompany indebtedness, was GBP2.8million. Included within iWM at 
completion was cash of GBP1.6 million.As a result of the transaction GBP0.74 
million of loan notes, owed to the original vendors of J K Miln & Co Ltd, will 
fall due for immediate repayment. 
 
 
Proceeds from the sale of iWM will be used to retire more of the group's 
preference capital and improve regulatory capital resources available to the 
fund management businesses. Following the GBP2.4 million repayment made in 
December 2009, Midas had Preference Capital of GBP11.6 million outstanding. 
 
 
As at 31 December 2009, the group had assets under management, excluding iWM, of 
approximately GBP1.56 billion. 
 
 
Colin Rutherford, Chairman, Midas, says: 
"In line with our strategy Midas is now focused on its fund management 
activities through its Midas and Miton brands. We continue to make significant 
progress in retiring our debt and preference capital." 
 
 
 
 
For further information, please contact: 
 
 
Colin Rutherford, Executive Chairman, Midas  07768 053 054 
Roland Cross, Director, Broadgate Mainland020 7726 6111 
James Steel, Arbuthnot Securities Limited 020 7012 2000 
(Nominated Advisor and Broker to Midas) 
 
 
Web: www.midascapitalplc.com 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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