Information  X 
Enter a valid email address

Quayle Munro Hldgs (QYM)

  Print      Mail a friend

Thursday 20 September, 2012

Quayle Munro Hldgs

Group Reorganisation

RNS Number : 6786M
Quayle Munro Holdings PLC
20 September 2012
 

19 September 2012

 Quayle Munro Holdings PLC ("Quayle Munro" or the "Group")

Reorganisation of the Group's Edinburgh-based activities

 

Further to the Group's announcement on 26 July 2012, the Board of Quayle Munro is pleased to confirm the disposal of Quayle Munro's non-core Edinburgh-based project advisory business to the latter's senior management team (the "Transaction"). 

 

The Transaction constitutes a substantial transaction under Rule 12 of the AIM Rules for Companies and as a result the following information is provided.

 

The senior management team of the Quayle Munro project advisory business will, through the establishment of Quayle Munro Project Finance LLP ("QMPF LLP"), purchase the existing engagements and work-in-progress of the former Edinburgh office of Quayle Munro for the sum of £1. QMPF LLP will focus its advisory activities on the Education, Infrastructure and Renewables sectors throughout the UK and Ireland. 

 

Following completion, Quayle Munro will retain a 30 per cent. membership interest in QMPF LLP.  In return for the Group's interest, Quayle Munro will provide QMPF LLP with £375,000 in cash for working capital.  A loan facility of up to £375,000, repayable by 30 June 2015, will also be made available by the Group.

 

From 1 January 2013 the management of QMPF LLP has the right to repurchase up to 100 per cent. of the Group's membership interest subject to a minimum 20 per cent. IRR being earned by the Group on all capital employed.

 

Andrew Adams, Chief Executive of Quayle Munro Holdings PLC, commented:

"We are pleased to have completed the disposal of our project advisory business to our former colleagues in Edinburgh and we wish them well in the future. Quayle Munro will now focus its efforts on continuing to develop the London-based corporate finance business.  The prospects for our London business remain positive."

 

For further information:

 


Quayle Munro Holdings PLC

      0207 907 4200

Andrew Adams, Chief Executive




N+1 Brewin LLP (Nominated Adviser)

       0131 529 0272

Sandy Fraser


 

Smithfield (Financial PR)  

John Kiely                                                                              0207 360 4900   

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCGGURPBUPPGAB

a d v e r t i s e m e n t