Sanlam netted £10m from Intrinsic stake sale

Sanlam UK made £10m from the sale of its stake in advice network Intrinsic to Old Mutual Wealth.

Old Mutual bought Intrinsic in February 2014. The money exchanged in the deal has been kept private. But in its end of year accounts for 2014, Sanlam UK said the sale of its 23% shareholding in the network resulted in a "settlement" of £10m. It also triggered the repayment of all loans and preference share dividends due to Sanlam UK. This included paying back an outstanding debt to Sanlam of £9.47m, arising from a £7m loan Intrinsic took out at 15.4% interest in December 2012. Further reading: Old Mutual platform profits jump 46% as Intrinsic advisers get onboard As a res...