SIR.L Regulatory News (SIR)

19 Dec 2006 09:20

Sirius Financial Solutions PLC19 December 2006 Sirius Financial Solutions plc Acquisition In December 2004, Sirius Financial Solutions plc ("Sirius") acquired 75.8% ofthe issued share capital of Datasure Management Systems Ltd ("Datasure"), NewZealand's leading insurance broking software provider, to expand its globalbroking systems footprint. Since then, Sirius has successfully incorporated Datasure into the groupoperation, as Sirius Financial Systems (NZ) Limited ("Sirius New Zealand"), andlaunched its flagship hosted broking solution, Sirius 21, to a receptive NewZealand market. Following a smooth two year transition from Datasure to Sirius New Zealand, theminority shareholders, Vero Insurance New Zealand Ltd and IAG New ZealandLimited have agreed to sell their shareholdings of 12.1% each to Sirius. Theconsideration to be paid by Sirius is in total £180,918, to be satisfied incash. As a wholly owned subsidiary, Sirius New Zealand will continue to benefit fromthe ongoing development of Sirius's market-leading insurance software solutionsand the successful business operation in Australia. The net liabilities of Sirius New Zealand at 31 December 2005 were £76,911 andits profit before tax for the financial year then ended was £78,526 after grouprecharges. Ian Foy, Head of NZI at IAG New Zealand Limited commented: 'Datasure's naturalhome is with Sirius, as they have the experience and capability to grow thebusiness based on what they have done in the UK and their progressive attitudeto software development'. Andrew Aitken, General Manager Vero General Insurance, New Zealand said: 'Sirius is very active in this region and their ownership of Datasure is a stepforward for New Zealand brokers, as they will benefit from world-class IT &support'. Contacts for further information: Steve VerrallChairman and Group Chief Executive 0121 779 8400 Richard BowserFinance Director 0121 779 8400 This information is provided by RNS The company news service from the London Stock Exchange