Fairpoint Group plc: Disposal of indirect subsidiary

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 Fairpoint Group plc (FRP) 
Fairpoint Group plc: Disposal of indirect subsidiary 
 
29-Aug-2017 / 11:30 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                            Fairpoint Group PLC 
 
                        ("Fairpoint" or the "Group") 
 
                      Disposal of indirect subsidiary 
 
Fairpoint Group plc (in administration) ('Group') announces that its 
indirect subsidiary, Simpson Millar LLP ('SM LLP'), has sold the entire 
issued share capital of its wholly owned subsidiary, Simpson Millar 
Financial Services Limited ('SMFS') to Dune Financial Holdings Limited 
('Dune'). Dune is partly owned by James Mann, SMFS's managing director and 
its sole legal director. 
 
SMFS is an independent financial adviser, providing FCA registered pensions 
and investment advice, often to beneficiaries of personal injury and 
clinical negligence claims. As at 31 December 2016, SMFS had gross assets of 
GBP584,000. 
 
The consideration will consist of an initial cash payment of GBP270,911 
together with deferred consideration payable, subject to certain conditions, 
in cash annually over a five year period and subject to a maximum payment of 
GBP250,000. 
 
The disposal will enable SM LLP to focus on the provision of legal services 
and the proceeds of the sale will provide capital to be applied in the 
development and management of SM LLP. 
 
The administrators of Group, having no nominated advisor to consult, have 
formed the view that the terms of the transaction are fair and reasonable as 
far as Group's shareholders are concerned. 
 
For enquiries please contact 
 
RSM Restructuring Advisory LLP 
 
Gemma Moorhouse gemma.moorhouse@rsmuk.com 
 
0113 285 5000 
 
Language:      English 
ISIN:          GB0032360280 
Category Code: DIS 
TIDM:          FRP 
Sequence No.:  4570 
 
End of Announcement EQS News Service 
 
604939 29-Aug-2017

(END) Dow Jones Newswires

August 29, 2017 06:32 ET (10:32 GMT)

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