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Frenkel Topping Group Plc Acquires Minority Interests in Subsidiaries


Tuesday, 12 Feb 2013 02:00am EST 

Frenkel Topping Group Plc announced that entered into an unconditional agreement with John Frenkel ("Seller") to acquire the minority 17.2 per cent. interests it does not currently own in Frenkel Topping Limited ("FTL") and Frenkel Topping Structured Settlements Limited ("FTSSL") (together, "Acquisitions"). Following the Acquisitions, FTL and FTSSL will both be wholly owned subsidiaries of the Company. FTSSL is a dormant non-trading company and FTL conducts the vast majority of the Group's trading business. The Company is paying GBP 1 for the interest in FTSSL which is being satisfied by the issue of 6 ordinary shares of 0.5 pence each in the Company ("Ordinary Shares") to the Seller and is paying GBP 749,999 for the interest in FTL which is being satisfied by the issue of 4,225,346 Ordinary Shares to the Seller (together, "Consideration Shares"). Application will be made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 18 February 2013. Following the issue of the Consideration Shares, the Company's issued ordinary share capital will consist of 62,314,660 Ordinary Shares, all with voting rights. The total number of current voting rights in the Company will therefore be 62,314,660. 

Company Quote

34.25
0.0 +0.00%
28 Oct 2014