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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.”

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