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Stanfield Funds Management Ltd Announces Sale Of Stanfield Securities Limited


Tuesday, 19 Mar 2013 01:32am EDT 

Stanfield Funds Management Ltd announced that it has signed term sheet for the sale of one of its subsidiary companies, Stanfield Securities Limited. Stanfield Securities, an unlisted public company wholly owned by Stanfield Funds Management, holds an Australian Financial Services Licence and is responsible entity/trustee of 4 registered schemes/funds. The terms of the sale of Stanfield Securities are: consideration of $100,000 for 51% of the existing issued share capital of Stanfield Securities; replacement of $150,000 contributed by Stanfield Funds Management for NTA purposes under the Stanfield Securities ASFL; a further $250,000 payable to Stanfield Funds Management for management services to Stanfield Securities over the next 12 months; and the remaining 49% of Stanfield Securities will be distributed ‘in species’ to the existing shareholders of Stanfield, for an equivalent value of $500,000. 

Company Quote

0.12
-0.03 -20.00%
3 Jun 2014