LONDON (Thomson Financial) - Asset Management Investment Co PLC said it has
sold its stake in Principal Investment Holdings Ltd for an initial 2.5 mln stg
in cash which will be received on completion, expected to be in March.
A deferred payment, calculated by reference to the performance of the FTSE
100 Index in 2008, will be received on the first anniversary of completion.
Asset Management said its holding in Principal was acquired in exchange for
an investment in Turnstone Holdings Limited, which merged with Principal in
2003. Had the company received the total consideration payable at completion it
would represent a profit of 1.23 mln stg on the original investment, it said.
Asset Management said it plans to use the proceeds from the sale to repay
debt and for continuing the buy back of its shares.
Earlier today BP Marsh & Partners PLC announced that it has also sold its
stake in Principal Investment Holdings Ltd to South African insurance and
financial services company, Sanlam, for 7.4 mln stg.
TFN.newsdesk@thomson.com
ash/slm
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