EWA - Exercise of IFA Acquisition Option

RNS Number : 7713U

Manx Financial Group PLC

23 January 2017

 

FOR IMMEDIATE RELEASE                                          Date: 23 January 2017

Manx Financial Group PLC (the 'Company')

Edgewater Associates Ltd - Exercise of IFA Acquisition Option

Manx Financial Group PLC announced on 25^th November 2016 that Edgewater Associates Limited ("EWA"), the Isle of Man's largest independent financial advisor ("IFA") and a wholly owned subsidiary of the Company, had entered into an Option Agreement with Knox Financial Services Limited ("KFSL"), a subsidiary of the Knox Group of Companies, to acquire the remaining IFA book of contracts held by KFSL.

The option included the right to acquire approximately 100 clients with 200 managed contracts, generating an anticipated renewal income of up to £0.2 million. The terms were for a payment of £75,000 at exercise and a further four times the actual renewal income less £75,000, payable one year after completion date.

On 18 January 2017, EWA exercised the Option Agreement, subject to the approval of its Regulator, the Isle of Man Financial Services Authority.

Edgewater's two transactions with the Knox Group of Companies together will add a further 4,100 clients with an anticipated renewal income in excess of £0.5 million to its portfolio.    

For further information, please contact:

Manx Financial Group PLC  Denham Eke  Tel [phone] Beaumont Cornish Limited Roland Cornish/James Biddle Tel [phone]  Britton Financial PR  Tim Blackstone  Tel  [phone]

 

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