Midas Capital sells subsidiaries to MitonOptimal
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Midas Capital has entered into agreements to sell Guernsey based Midas Capital International and its subsidiary Midas Capital (Guernsey) as well as South African Midas Capital Asset Management.
MCI is to be sold to MitonOptimal International and MCAM is to be sold to a management consortium led by MCAM chief executive Scott Campbell. The deal is expected to be complete within a month.
The consideration receivable for MCI and MCAM is £300,000 as well as a dividend pre completion of surplus net cash in the companies, totalling £270,000.
For the year ended December 31, 2009 both MCI and MCAM had combined revenues of £1.6m, incurred a pre-tax loss of £292,000 and had £62m assets under management.
Midas Capital chairman Colin Rutherford says: “The sale of MCI and MCAM to MitonOptimal completes the planned initial moves to refocus the group activities back to its UK business.”
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