Last checked at 16 Oct 2009 09:02
Sesame acquisition of Bankhall and Premier Mortgage Service
Friends Provident Group plc announces that its wholly-owned intermediary business Sesame Group Limited ("Sesame") has completed the acquisition of the Bankhall Group (see note) from Skandia UK to form the Sesame Bankhall Group. This deal further strengthens Friends Provident's position in UK financial services distribution.
The businesses within the combined group include Sesame, Bankhall and Premier Mortgage Service (PMS):
Sesame - The UK's largest appointed representative network with around 3,000 advisers
Bankhall (incorporating Sesame Direct) - The UK's largest directly regulated service business supporting over 1,500 firms
PMS - The largest mortgage club for directly regulated mortgage brokers in the UK with over £45 billion in mortgage applications in 2008
Ivan Martin, Sesame's executive chairman, will be the executive chairman of Sesame Bankhall Group. Stephen Young, Sesame's sales and marketing director, will be chief operating officer.
The businesses were acquired from IFA Holdings UK Limited, a subsidiary of Skandia UK Holdings Limited, with ultimate parent Old Mutual Group plc. The total gross assets of the Bankhall Group were £11.8 million as at 30 June 2009.
Note
The Bankhall Group comprises Bankhall Investment Management Limited, IFA Engine Limited, Portfolio Member Services (Holdings) Limited and their respective subsidiaries. 2008 turnover (fee income) of the Bankhall Group of companies was £16.8 million. At the end of 2008, Bankhall Group employed 224 people.
Enquiries:
Friends Provident Group Plc
Peter Timberlake +44 (0)845 641 7834
Chris Ford +44 (0)845 641 7832
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Resolution Limited or of Friends Provident Group plc, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Resolution Limited or Friends Provident Group plc, they will be deemed to be a single person for the purpose of Rule 8.3.Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Resolution Limited or of Friends Provident Group plc by Resolution Limited or Friends Provident Group plc, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.