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

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DISBIBDGLSXBGDB -0- Nov/01/2012 07:00 GMT
 
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