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Bank of Scotland takes 20% stake in Midas

Bank of Scotland, part of the Lloyds Banking Group, has taken a 20 per cent stake in Midas Capital, after its debts to the bank reached £36.5m.

Subject to shareholder approval, a further £14m will be converted into cumulative redeemable preference shares and £12m into a new senior debt facility.

A management restructure will see chief executive Simon Edwards step down from the Midas board and take up his previous position as chief executive of Midas Capital Partners Limited. He will focus solely on managing Midas’ fund management activities.

Anthony Moore has been appointed director and chief financial officer of the company.

Midas executive chairman Colin Rutherford says: “We have reached a constructive outcome with BoS and we are pleased with their long term support for Midas.

“The capital structure of the business will be stabilised under these proposals and our key teams can focus fully on investment performance and customer service in a more stabilised working environment.”


PriceWatch widens scope to rate pension wrappers

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Adviser Fund Index

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Wizard conjures up exam deal

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Green gauge

Are we seeing a hint of green? I am not referring to St Patrick’s Day, albeit the excuse to have another Guinness is always good news. It is, of course, “shoots” that I am referring to but I still can’t bring myself to say the phrase in full as there is a danger that I will be shot down by the press and even colleagues in the industry.


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