Walker Crips Group WCW Proposed disposal of Keith, Bayley, Rogers & Co.
Walker Crips Group (WCW) - Proposed disposal of Keith, Bayley, Rogers & Co. RNS Number : 0370Q Walker Crips Group plc 01 November 2012 1 November 2012 Walker Crips Group plc Proposed disposal of Keith, Bayley, Rogers & Co. Limited Walker Crips Group plc ("Walker Crips" or the "Company"), the financial services group, announces that it has entered into a conditional agreement with BWV Investments Limited ("BWVI") relating to the proposed disposal (the "Disposal") of the entire issued share capital of its subsidiary Keith, Bayley, Rogers & Co. Limited ("KBR"). Completion of the Disposal ("Completion") is subject, inter alia, to the approval of the Financial Services Authority and is expected to occur on or before 31 March 2013. Consideration for the Disposal, which payable in cash on Completion, is an amount equal to the net assets of KBR as at close of business on 31 October 2012 (expected by the directors of Walker Crips to be £270,000) plus £75,000. The net proceeds of the Disposal will be used by the Company to invest in its remaining business. In addition, KBR and Walker Crips have entered into an agreement on normal commercial terms for the ongoing provision of office space and regulatory, compliance, accounting and other services to KBR until. KBR's principal activity is the provision of corporate finance advice and other services predominantly to smaller quoted companies. In the year ended 31 March 2012, KBR recorded turnover of £302,000 and a loss before tax of £92,000. The audited net assets of KBR as at 31 March 2012 were £310,000. Commenting on the Disposal, Rodney FitzGerald, CEO of Walker Crips, said: "The Company is focussed on investing in and expanding its core stockbroking, wealth and investment management businesses. KBR has a long and distinguished history but it is non-core to our current plans." For further information please contact: Walker Crips Group plc Rodney FitzGerald CEO Geri Jacks Media Relations Tel: +44 (0) 20 3100 8131 BWV Investments Limited Hugh Oram Tel: +44 (0) 7528 479149 Brinsley Holman Tel: +44 (0) 7776 302228 This information is provided by RNS The company news service from the London Stock Exchange END DISBIBDGLSXBGDB -0- Nov/01/2012 07:00 GMT