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Firm's Sale Of Wealth Business To UK Rival Nears Completion

Midas Capital, the UK-quoted wealth and fund management firm, said today it is in “advanced negotiations” over the sale of iimia Wealth Management to Jardine Lloyd Thompson.
The iimia business trades under the names of iimia plc, iimia Financial Planning Ltd and JK Miln & Co.
In the 6 months to 30 June 2009, the iWM businesses contributed £460,000 to Midas' consolidated profit before management charges, amortisation, exceptional items and tax on revenues of £2.9 million, Midas said in a statement.
“The terms agreed in principle involve the payment of a cash consideration on completion of £7.25 million, subject to adjustment based on the completion balance sheet. Completion is expected in January 2010,” it said.
A “significant part” of the net cash consideration after costs will be used to further retire the group's preference share capital, the statement said.
Midas, which is quoted on the AIM exchange, said a further statement will be issued when the transaction is completed.