RNS Number : 6294Y
THB Group PLC
07 September 2009
THB GROUP PLC ("THB" or "the Company")
Acquisition of minority shares in FiSure Holdings Limited
THB, the specialist insurance and reinsurance broker, today announces the exercise of its option to acquire the balance of minority shareholdings in FiSure Holdings Limited ("FiSure"), giving THB 100% ownership of the professional risks and directors' and officers' insurance broker.
As originally reported in August 2006, THB will pay consideration based on the performance of the acquired business over the three years ending 30 April 2011, to be settled as to two-thirds in THB ordinary shares and one-third in loan notes.
The first year of the earnout having completed, the Board of THB has today approved the allotment of 148,386 new 10p ordinary shares at a price of 68p per share and the issue of £101,000 of loan notes, repayable on 8 March 2010. A further £101,000 of consideration payable in shares has been deferred dependent on future performance of the acquired business.
An application has been made for the new ordinary shares to be admitted to trading on AIM and admission is expected to take place on 11 September 2009. Following this allotment, the Company's total issued share capital consists of 32,559,731 Ordinary Shares with voting rights. No ordinary shares are held in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights is 32,559,731. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.
THB Chief Executive, Frank Murphy, commented:
"We are delighted with the performance of the FiSure team, who have delivered on everything they promised and continue to go from strength to strength."
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Contact:
Richard Adams FWD Richard.Adams@fwdpr. 0207 623 2368
co.uk
Rob Wilkinson THB Group plc rwilkinson@thbgroup. 01689 883500
(Finance Director) com
Simon Leathers Daniel Stewart & Simon.leathers@ 0207 776 6550
Company plc danielstewart.co.uk
(Nominated Adviser)
This information is provided by RNS
The company news service from the London Stock Exchange
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