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Exchange sells Swedish online fund supermart

Exchange FS has sold its Swedish subsidiary Fondex for an effective £150,000 loss after buying it in February 2000 in a deal worth £22.1m.

Swedish online broker Teletrade is buying Fondex for £190,000 in cash. After restructuring provisions requested by Teletrade, the deal will eventually cost Exchange £150,000.

The portal bought the Swedish online fund supermarket last year for shares worth a total of £22.1m valued at 229.9p each at the time of the purchase.

Exchange&#39s share price dropped to a low of 12.25p at the end of last year and are currently trading at around 19p after falling from a 385p high at the end of 1999.

Fondex was the first of Exchange&#39s European acquisitions and was followed by a £30.5m deal for German internet financial company Aspect online in April 2000.

The Exchange is currently battling it out with rival Assureweb to provide a portal service to Bristol & West-owned IFA Moneyextra.

Moneyextra was Exchange&#39s consumer site but was sold off last year because of poor results.


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