MDS Midas Cap.

 

TIDMMDS 
 
RNS Number : 5005Z 
Midas Capital PLC 
23 September 2009 
 

 
 
News release 
 
 
23 September 2009 
 
 
Sale of Intelli Corporate Finance Ltd 
 
 
Midas Capital PLC ("Midas") announces that, it has entered into an agreement to 
sell Intelli Corporate Finance Ltd ("Intelli") to Canaccord Adams Ltd 
("Canaccord"). Completion is expected to take place on 1st October 2009. 
 
 
Intelli, a wholly owned subsidiary of Midas, is a corporate advisory and broking 
firm with offices in London and Edinburgh. Intelli had combined revenues for the 
year ended 31 December 2008 of GBP3.7 million and profit before tax and 
management charges of GBP503k. As at 31 December 2008 the net book value of the 
Intelli business was GBP3.3m. 
 
The consideration receivable for Intelli will comprise a cash payment equivalent 
to net assets as at 30 September 2009 plus goodwill of GBP1 million. 
 
 
Colin Rutherford, Chairman, Midas, says: 
"The sale of Intelli to Canaccord will realise cash resources which will be used 
to partially retire the group's preference capital. I would like to pay tribute 
to the Intelli team for their significant contribution to the Group over the 
past 4 years and wish them continued success for the future. This represents an 
excellent opportunity for Intelli within a complementary business and I am sure 
Canaccord will be rewarded by this move." 
 
 
 
 
For further information, please contact: 
 
 
+---------------------------------------------+----------------------------------------+ 
| Colin Rutherford, Executive Chairman, Midas | 07768 053 054                          | 
+---------------------------------------------+----------------------------------------+ 
| Roland Cross, Director, Broadgate           | 020 7726 6111                          | 
+---------------------------------------------+----------------------------------------+ 
| Richard Vaughan/Matt Stoate, Kinmont        | 020 7087 9100                          | 
+---------------------------------------------+----------------------------------------+ 
| (Financial Advisor to Midas)                |                                        | 
+---------------------------------------------+----------------------------------------+ 
| James Steel, Arbuthnot Securities Limited   | 020 7012 2000                          | 
+---------------------------------------------+----------------------------------------+ 
| (Nominated Advisor and Broker to Midas)     |                                        | 
+---------------------------------------------+----------------------------------------+ 
Web: www.midascapitalplc.com 
 
 
Kinmont Limited, which is authorised and regulated in the United Kingdom by the 
Financial Services Authority, is acting as financial advisor to the Company in 
relation to the matters referred to in this announcement and no one else and 
will not be responsible to any other person for providing the protections 
afforded to clients of Kinmont or for providing advice in relation to the 
matters referred to in this announcement. 
 
 
Arbuthnot Securities Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting as Nominated Adviser and 
Broker to the Company in relation to the matters referred to in this 
announcement and no one else and will not be responsible to any other person for 
providing the protections afforded to clients of Arbuthnot Securities Limited or 
for providing advice in relation to the matters referred to in this 
announcement." 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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