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Walker Crips investors to reap rewards after Liontrust shares sale
Markets
by Sarah Miloudi on Jun 25, 2012 at 07:34
Walker Crips Group has disposed of its entire holding of Liontrust shares in order to pay investors a special dividend.
Following the £12 million sale of its asset management business to Liontrust, Walker Crips picked up 1,851,719 ordinary Liontrust shares. Today it announced it had sold its entire holding, raising approximately £1.66 million.
'The board is pleased to announce the net proceeds of the sale of the Liontrust shares are to be distributed to shareholders pro rata to their holdings of Walker Crips shares,' Walker Crips said.
The firm raised roughly £12 million via the disposal of its investment management arm two months ago - a sale which saw two of its high profile fund managers Jan Luthman and Stephen Bailey depart from the firm.
As outlined in its results, Walker Crips wants to focus on its core wealth management business and recently brought over a six-strong team from Savoy, a subsidiary of Ashcourt Rowan, to help with this process.
Based on the 37,063,187 Walker Crips ordinary shares of 6 2/3p in issue at close of business on 22 June 2012, the special dividend paid to investors will equate to 4.5p per ordinary share.
The special dividend will be paid on 3 August 2012 as an additional interim dividend.
David Gelber, chair of Walker Crips, said he was pleased shareholders would be able to benefit directly from the April sale of the firm's asset management business.
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