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Friends buys 9.9% stake in Lighthouse

Friends Provident Life and Pensions is taking a 9.9 per cent stake in Aim-listed IFA Lighthouse for just over £700,000.

Friends is the third provider to snap up a piece of the 500-RI firm, which is looking to multi-tie parts of its business in the second quarter of the year after depolarisation.

Friends takes a 9.9 share of the firm alongside Aegon and Skandia. However, Lighthouse says the new issue of shares brings down the other providers&#39 stakes to 8 per cent each from 9.9 per cent.

Friends will subscribe for 2,711,545 new ordinary shares of 1p each at 26.4p per share, pricing the deal at £715,848.

Managing director Ben Gunn says: “We look forward to being able to invest further when regulatory restrictions ease should Light-house have additional opportunities requiring further equity funding.”


Derek Bottom

Sainsbury&#39s Bank deputy chief executive Derek Bottom is stocking the shelves with the Sandler suite in a bid to beat the high-street banks.Bottom must be the Government&#39s dream come true. He firmly believes that the public can be persuaded to save without advice as long as they are continually urged to do so through store-based […]

AMP chairman refuses £600k handshake

Stan Wallis, who stood down as AMP group chair-man last week, has declined a £620,000 golden handshake. AMP is in dispute with former group chief executive Paul Batchelor over severance pay.

Product matters

What is the new investment black? Is there a new investment black? As sales of unit trusts are falling off a cliff, sales of structured products continue to climb. This is despite much negative publicity about many guaranteed high-income products launched several years ago. Growth products have been less affected and there are some interesting […]

Friends and Axa prosper but Zurich suffers fall

Zurich Financial Services, Friends Provident and Axa have released contrasting results.Zurich Financial Services&#39 group losses rose to £2.15bn from £244m in 2001. Profits at its UK, Ireland and South African operations halved to £106m from £221m on an equivalent premium income basis.But Friends Provident saw an 11 per cent increase in new life and pension […]


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