Disposal of indirect subsidiary

Fairpoint Group plc (FRP) Fairpoint Group plc: Disposal of indirect subsidiary 29-Aug-2017 / 11:30 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Fairpoint Group PLC ("Fairpoint" or the "Group") Disposal of indirect subsidiary     Fairpoint Group plc (in administration) ('Group') announces that its indirect subsidiary, Simpson Millar LLP ('SM LLP'), has sold the entire issued share capital of its wholly owned subsidiary, Simpson Millar Financial Services Limited ('SMFS') to Dune Financial Holdings Limited ('Dune').  Dune is partly owned by James Mann, SMFS's managing director and its sole legal director.    SMFS is an independent financial adviser, providing FCA registered pensions and investment advice, often to beneficiaries of personal injury and clinical negligence claims.  As at 31 December 2016, SMFS had gross assets of £584,000.   The consideration will consist of an initial cash payment of £270,911 together with deferred consideration payable, subject to certain conditions, in cash annually over a five year period and subject to a maximum payment of £250,000.   The disposal will enable SM LLP to focus on the provision of legal services and the proceeds of the sale will provide capital to be applied in the development and management of SM LLP.   The administrators of Group, having no nominated advisor to consult, have formed the view that the terms of the transaction are fair and reasonable as far as Group's shareholders are concerned.     For enquiries please contact   RSM Restructuring Advisory LLP Gemma Moorhouse  [e-mail]       0113 285 5000

Language:	English
ISIN:	GB0032360280
Category Code:	DIS
TIDM:	FRP
Sequence No.:	4570

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End of Announcement	EQS News Service

604939  29-Aug-2017