The following announcement has been made to the London Stock Exchange
("LSE") as required under the LSE Listing Rules, and is now released to the
JSE SECURITIES EXCHANGE per Listing Rule 3.88:
STOCK EXCHANGE ANNOUNCEMENT - LONDON AND JOHANNESBURG
LIBERTY INTERNATIONAL PLC
DISPOSAL OF PORTFOLIO
Liberty International PLC ("Liberty International") announces that contracts
have been exchanged for the disposal of Portfolio Fund Management Limited
("Portfolio"), a wholly-owned subsidiary of Liberty International, to
Edinburgh Fund Managers Group PLC for an initial cash consideration of GBP12
million, with a further cash consideration payable upon the achievement of
certain sales targets.
Completion of the disposal is conditional, inter alia, upon certain
regulatory approvals being obtained.
Portfolio is a unit trust manager with a range of specialist investment
funds and has around GBP430 million under management. The Liberty
International group will continue to act as investment manager of the
Portfolio Property Fund, a GBP80 million authorised unit trust investing in
UK direct property and property shares.
David Fischel, Chief Executive of Liberty International, said: "This
constitutes the final disposal of the financial services businesses hitherto
undertaken by the group and accords with our strategy to focus on our
property related interests. We look forward to working with Edinburgh Fund
Managers to develop further the Portfolio Property Fund."
Liberty International was advised by SG Hambros Corporate Finance in
relation to this transaction.
Enquiries:
David Fischel Chief Executive 020 7960 1207
Farrell Sher Director, Legal & Corporate Affairs 020 7960 1207
London
4th July 2001
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