January 31, 2018 / 5:41 PM / 3 months ago

BRIEF-City Of London Group Provides Update On ‍Banking Licence Strategy​

Jan 31 (Reuters) - City Of London Group Plc:

* ‍BANKING LICENCE STRATEGY UPDATE​

* ‍HAS ENTERED INTO A FORMAL AGREEMENT WITH TEAM COMPRISING JASON OAKLEY, ADRIAN GOLUMBINA AND BRYCE GLOVER​

* ‍UNDER DEAL, ACQUIRING 73% EQUITY INTEREST IN ECHO FINANCIAL SERVICES LTD, A RECENTLY ESTABLISHED CO WITH NO MATERIAL ASSETS OR LIABILITIES​

* ‍REMAINING 27% EQUITY INTEREST IN ECHO FINANCIAL WILL BE HELD BY JASON OAKLEY, 15%; ADRIAN GOLUMBINA, 10%; AND BRYCE GLOVER, 2%​

* ‍MAXIMUM POTENTIAL COMMITMENT IS £8.65M, OF WHICH £5.4M IS TO BE SATISFIED IN COLG SHARES AND REMAINDER IN CASH​ Source text for Eikon: Further company coverage:

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