GLENMIB INVESTS FURTHER IN THE UK
GLENRAND MIB
Insurance and risk management group Glenrand M.I.B (Glenmib) has taken a 25%
stake in London-based City Assurance Group, an independent financial advisor
with a focus on high net worth individuals and SMEs in the UK, with assets
valued at GBP3 million (R46 million) and a current turnover of GBP1.5 million
(R23 million).
The investment has been transacted though one of Glenmib`s UK off-shore
investment companies, Glencairn Investments Limited. It supports a buy-out by
existing management who will own 75% of the company, with two long-standing
directors continuing to manage the business.
Andrew Wallas and Steve Rimmer who are directors of Glenrand Limited, a Lloyds
broker in which Glenmib has a majority shareholding, join the board. Wallas, is
non-executive chairman of both companies.
Ends
ISSUED FOR : Glenrand M.I.B Holdings Limited.
CONTACT : David Harpur 011 293 2800 Cell: 082 441 4486
FAX NO: 011 293 2155
E-MAIL : Dharpur@glenrandmib.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart (011) 325 4195 Cell: 082 443
6399
FAX NO : (011) 325-4199
E-MAIL : Tish@tspr.co.za
DATE : 10 July 2002
Date: 10/07/2002 03:49:00 PM Produced by the JSE SENS Department
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