13 Sep 2011 13:05
IFG Group plc
Discussions Terminated.
On 29 June 2011, IFG Group plc ("IFG" or the "Company") announced that following unsolicited approaches made from two parties in relation to possible offers for the Company, it had invited both parties to proceed with a process of confirmatory due diligence.
Following this process, on 31 August 2011 IFG announced that it had entered into an exclusivity agreement with Bregal Capital LLP ("Bregal") with a view to establishing whether a proposal could be forthcoming which was acceptable to the Board and which could then be put to shareholders. In view of the current dislocation in global markets, both IFG and Bregal have agreed to discontinue discussions. Accordingly, the Board can confirm that the Company is not in talks with any party regarding a possible takeover.
On 31 August 2011, the Company announced its interim results for the six months ending 30 June 2011, showing a 22% increase in adjusted operating profit to £11.9 million and an 11% increase in the proposed interim dividend.
For further information please contact:
IFG Group plc | |
Conleth O'Reilly/Niamh Hore | Tel: +353 1 275 2800 |
Media enquiries: | |
Financial Dynamics | |
Ed Gascoigne-Pees / Laura Pope | Tel: +44 207 269 7132 |
Weber Shandwick | |
Eoin Quinn / Mary McCarthy | Tel: +353 1 676 0168 |
The Directors of IFG (excluding Peter Priestley) accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Mr. Priestley has been excluded from this statement because of his connection with Fiordland Investments Limited, a company which is part of a consortium that made an approach to IFG in relation to the possibility of making an offer for IFG.