THB completes broker acquisition

THB Group has exercised its option to acquire the balance of minority shareholdings in FiSure Holdings, giving THB 100% ownership of the professional risks and directors' and officers' insurance broker.

As originally reported in August 2006, THB will pay consideration based on the performance of the acquired business over the three years ending 30 April 2011, to be settled as to two-thirds in THB ordinary shares and one-third in loan notes.

In a statement to the London Stock Exchange, THB said: "The first year of the earnout having completed, the board of THB has today approved the allotment of 148,386 new 10p ordinary shares at a price of 68p per share and the issue of £101,000 of loan notes, repayable on 8 March 2010. A further £101,000 of consideration payable in shares has been deferred dependent on future performance of the acquired business."

An application has been made for the new ordinary shares to be admitted to trading on AIM and admission is expected to take place on 11 September 2009.

THB chief executive, Frank Murphy, said: "We are delighted with the performance of the FiSure team, who have delivered on everything they promised and continue to go from strength to strength."