Jan. 10 (Bloomberg) -- Guy Hands reaped a 3.5 million-pound ($5.4 million) dividend from Terra Firma Capital Partners Ltd. two months after the private-equity firm he founded lost control of record label EMI Group Ltd.
The firm made the payment last April, according to a Jan. 4 filing at the U.K.’s Companies House. That’s down from a 12 million-pound dividend for the year ended March 2010 and none for the year ended last March, filings show.
Terra Firma, which manages a 5.4 billion-euro ($6.9 billion) leveraged buyout fund, ceded control of EMI to New York-based Citigroup Inc. last February as the record label struggled to meet the terms of 3.4 billion pounds in loans the private-equity investor used to fund its takeover in 2007. Citigroup has since agreed to sell the 114-year-old British music company in pieces to Vivendi SA and Sony Corp.
Terra Firma Capital Partners posted 2.25 million pounds in profit on ordinary activities after tax for the year ended March 31, a 3 percent decline compared with the year before. It posted an 8.7 percent slump in revenue to 29.9 million pounds, the filing shows.
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