Brit has agreed final terms for the sale of its stake in Epic Investment Partners (EIP) to Syndicate Asset Management (SAM). SAM will also acquire the other shares
in EIP from the other shareholders simultaneously. Completion is expected on 19 January 2007.
The agreement will see Brit derive initial consideration of £4.4m, of which £1.3m is cash and the remaining £3.1m is 4-year SAM loan notes, the redemption value of which would be reduced if revenues derived by EIP from Brit over that period were to fall below current levels.
In addition, there is deferred contingent consideration of up to £1.1m based on the profitability of EIP in the three years post completion.
Brit chief executive Dane Douetil said: "At the time of our final results in March 2006 we announced our willingness to dispose of our stake in EIP. We think that EIP's prospects are better under separate ownership. Our working relationship with EIP remains strong and we look forward to continuing to work with them in the future."
