Colin Rutherford said this completed Midas Capital’s planned initial moves of the group’s new strategy. Midas Capital will sell Guernsey-based Midas Capital International, together with its subsidiary Midas Capital (Guernsey) and South African-based Midas Capital Asset Management.
MCI is to be sold to MitonOptimal International and MCAM is to be be bought by a management consortium led by Scott Campbell, MCAM chief executive. Completion is expected to take place by the end of April. The amount received for the two deals is £300,000 plus a dividend of £270,000.
MCI and MCAM, are wholly-owned subsidiaries of Midas Capital International, operating fund management activities under the MitonOptimal brand, with funds based in Guernsey and South Africa. For the year ended 31 December 2009, MCI and MCAM had combined revenues of £1.6 million, incurred a pre-tax loss of £292,000, had assets under management of £62 million and a net book value of £298,000.
Midas Capital offloads overseas units
Midas Capital is to offload two subsidiaries in Guernsey and South Africa.
