Quayle Munro Holdings PLC Group Reorganisation (6786M)
September 20 2012 - 2:00AM
UK Regulatory
TIDMQYM
RNS Number : 6786M
Quayle Munro Holdings PLC
20 September 2012
19 September 2012
Quayle Munro Holdings PLC ("Quayle Munro" or the "Group")
Reorganisation of the Group's Edinburgh-based activities
Further to the Group's announcement on 26 July 2012, the Board
of Quayle Munro is pleased to confirm the disposal of Quayle
Munro's non-core Edinburgh-based project advisory business to the
latter's senior management team (the "Transaction").
The Transaction constitutes a substantial transaction under Rule
12 of the AIM Rules for Companies and as a result the following
information is provided.
The senior management team of the Quayle Munro project advisory
business will, through the establishment of Quayle Munro Project
Finance LLP ("QMPF LLP"), purchase the existing engagements and
work-in-progress of the former Edinburgh office of Quayle Munro for
the sum of GBP1. QMPF LLP will focus its advisory activities on the
Education, Infrastructure and Renewables sectors throughout the UK
and Ireland.
Following completion, Quayle Munro will retain a 30 per cent.
membership interest in QMPF LLP. In return for the Group's
interest, Quayle Munro will provide QMPF LLP with GBP375,000 in
cash for working capital. A loan facility of up to GBP375,000,
repayable by 30 June 2015, will also be made available by the
Group.
From 1 January 2013 the management of QMPF LLP has the right to
repurchase up to 100 per cent. of the Group's membership interest
subject to a minimum 20 per cent. IRR being earned by the Group on
all capital employed.
Andrew Adams, Chief Executive of Quayle Munro Holdings PLC,
commented:
"We are pleased to have completed the disposal of our project
advisory business to our former colleagues in Edinburgh and we wish
them well in the future. Quayle Munro will now focus its efforts on
continuing to develop the London-based corporate finance business.
The prospects for our London business remain positive."
For further information:
Quayle Munro Holdings
PLC 0207 907 4200
Andrew Adams, Chief
Executive
N+1 Brewin LLP (Nominated
Adviser) 0131 529 0272
Sandy Fraser
Smithfield (Financial PR)
John Kiely 0207 360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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