LONDON (Alliance News) - Charles Stanley Group PLC said Monday it has entered into an exclusive heads of terms agreement for the possible sale of its Charles Stanley Financial Solutions Ltd business to its management team.
However, it noted that at this stage there is no assurance that the sale will go ahead.
Last Wednesday the company raised GBP15.8 million to strengthen its capital reserves and undertake its strategic plans. These plans involve focusing entirely on wealth management, meaning that the main parts of its securities and employee benefits businesses are up for sale.
Shares in Charles Stanley are trading up 4.6% at 395.00 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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