Midas to offload iimia Wealth Management

Midas Capital is set to offload its iimia Wealth Management division to Jardine Lloyd Thompson for £7.25m.

Expected to be completed next month, Midas says a significant part of the net cash consideration will be used to further retire the group's preference share capital. In the six months to 30 June 2009, the iimia Wealth Management businesses contributed £460,000 to Midas' consolidated profit of £2.9m. "We are extremely grateful to our wealth management team for their contribution over the years.The combination with JLT presents their business with an exciting growth opportunity," Midas chairman Colin Rutherford says. "With its expected completion in January 2010 we can focus, as plan...