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Clarkson Hill share suspension could derail Moneygate takeover

by Alex Steger on Nov 29, 2010 at 15:03

Clarkson Hill share suspension could derail Moneygate takeover

Newcastle-based consolidator Moneygate has refused to deny that its takeover bid for Clarkson Hill has been destabilised by the suspension of the IFA’s shares last week.

Cambridgeshire-based Clarkson Hill received a takeover offer in October, which New Model Adviser® understands was from Moneygate, although it would not confirm the bid.

Clarkson Hill shares were suspended for a second time on 24 November due to regulatory concerns. The shares were first suspended in July when it failed to file its accounts on time.

A source close to the situation said Moneygate had been in talks with Clarkson Hill.

‘[The takeover target] is definitely Clarkson Hill. Moneygate was planning to have [the deal] done by the end of the year,’ he said.

‘Clarkson Hill has had some regulatory questions marks and to do the takeover [Moneygate] would have to get Financial Services Authority (FSA) clearance.’

Moneygate is 49% owed by US investment group MGT Capital Investments which lent the group £2 million to fund acquisitions.

This year Clarkson Hill has been subject to an FSA inspection and is in discussions with the regulator over its regulatory capital.

Mike Robinson (pictured) declined to comment.

1 comment so far. Why not have your say?

an IFA

Dec 03, 2010 at 12:12

Deal is now off and Clarkson Hill have ceased trading!

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