MJ Hudson Group PLC - London-based services for asset management industry - Wholly-owned subsidiary Tower Gate Capital Ltd agrees to sell its UK Fund Management business to special purpose acquisition vehicle Khepri Ltd for GBP1.0 million. The companies being sold are MJ Hudson Adivsors Ltd, MJ Hudson Fund Management Ltd, MH Hudson Consulting Ltd, and MJ Hudson Fund Administration Ltd.
Khepri will provide GBP1.8 million of working capital to the companies being sold, of which GBP1.3 million is expected to be used as regulatory capital.
Khepri was set up to acquire the businesses and client contracts being serviced by these businesses. It is currently wholly owned by William Roxburgh and Michael Booth, both directors at the companies being sold. As Roxburgh and Booth are directors of these businesses and sole shareholders of Khepri, the acquisition represents a related party transaction, MJ Hudson explains.
Current stock price: suspended
By Heather Rydings, Alliance News senior economics reporter
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