Insurer now has 5.6% stake in CBG
Allianz has upped its stake in Manchester broker CBG to 5.6%.
The insurer acquired 340,000 ordinary shares of four pence each in CBG on 15 June 2007, CBG announced today.
Following this purchase the beneficial holding of Allianz is 675,000 ordinary shares, which represents approximately 5.6 per cent. of the Company’s current issued share capital.
CBG said the investment from Allianz "dovetails with its strategy of strengthening ties with its key suppliers as well as broadening its institutional investor base".
The broker said it was a strategic investment and that Allianz had "no plans to take a place on the board of CBG or to be involved in any way with the ongoing running of the business or to take any independence away from the company".
Simon McGinn, Trading Director at Allianz Commercial says: "We are pleased to further strengthen our relationship with CBG at a time when the company has announced progressive expansion plans. The share acquisition is entirely in line with our strategy of supporting a thriving independent commercial broker market."
Laurie Turnbull, chairman of CBG Group said:: “We are delighted to have attracted such high calibre investment. This is an integral part of our long term plans at the Company – where our focus is firmly on acquisitions and broadening our shareholder base.
“Last week we secured new monies to fund our acquisition strategy and the addition of Allianz to our shareholder base further continues the development of the business.”
ANALYSIS TO FOLLOW SHORTLY
