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Bankhall firms get £2.6m payout after Skandia deal

Around 700 Bankhall firms will get payouts ranging from £2,500 to £27,000 following Skandia&#39s acquisition of shares in the member share incentive scheme set up by former owner Lynx.

The payout, totalling £2.6m, will be made to IFAs that were members of Bankhall when it was bought by Lynx in May 2000.

Bankhall says it is looking at setting up a new share incentive scheme for all members.

The original value of the share allocation was £5m but has fallen to £2.6m since Lynx&#39s shares fell from 230p in May 2000 to the120p paid by Skandia last December.

The payouts will be made in December to firms who are still members at that time. The money and some minor dividend returns have been paid into a trust account.

The payout comes as Skandia and Bankhall confirm the rubber stamping of last December&#39s £210m deal which saw Lynx&#39s software arm bought out by its management for £60m.

Bankhall director Tony Murrell says: “Lynx&#39s intention at the time was to help Bankhall members share in the success of the business. We wish to continue that theme with our parent Skandia and the prospect of issuing a share incentive scheme for existing and new Bankhall members is actively under review.”

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