Proposed Disposal
March 21 2003 - 1:00AM
UK Regulatory
RNS Number:0278J
Seymour Pierce Group PLC
21 March 2003
Date: 21 March 2003
Contact: Jeremy Garrett-Cox
ING Barings 020 7767 1000
David Bick/Chris Steele 07979 604 687
Holborn 020 7929 5599
Seymour Pierce Group Plc
("the Group")
Proposed disposal
At the AGM on 3rd February, the Group indicated that it was continuing to
explore carefully a bid approach ("the bid approach") for the Group, which was
first received in November last year. Although the bid approach concerned the
whole Group, its primary target was the Group's investment banking division.
This approach has now resulted in an offer to acquire the investment banking
division on a stand-alone basis. Consequently, discussions with regard to the
bid approach for the whole Group have now ended.
During the course of the past several months, the board has also received a
number of approaches for the investment banking division as a stand-alone
entity. A committee of independent directors of the board have now agreed in
principle to accept an offer for the investment banking division, which involves
the participation of certain board directors and the division's management.
This offer represents the highest cash value to the Group. The investment
banking division includes corporate finance, corporate broking, institutional
sales, research and trading, and private client stockbroking.
The board is also in advanced discussions with regard to the sale of the asset
management division which has approximately #3 billion of funds under
management.
Subject to the successful completion of these transactions and necessary
approvals, it is the board's intention to return substantially all of the
Group's cash to shareholders.
Further announcements will be made as appropriate.
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This information is provided by RNS
The company news service from the London Stock Exchange
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