Iimia and Exeter, the two southwest-based financial services groups, have agreed to a merger that will see Iimia make a paper bid resulting in a single firm - Iimia Investment Group - overseeing some £470m in funds under management with a listing on the Alternative Investment Market.
Other businesses will include third party fund administration – affecting some £3bn worth of funds - financial planning and private client investment management. The deal will unleash cross-selling between the four main businesses and expanded economies of scale, resulting in a faster-growing and more profitable company, according to the offer document. New shares in the enlarged group should be trading on the AIM by Monday 9 August, assuming relevant extraordinary general meetings and FSA clearance of the deal are forthcoming. Board members and employees will own about 58% of the ...
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