press releases 2004 archive
24 December 2004
Issue of Ordinary Shares
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19 December 2004
Directorate Change
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17 December 2004
Acquisition
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24 November 2004
Integrated Asset Management Agreement with Sal. Oppenheim
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07 October 2004
Directors' Dealings
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28 September 2004
Interim Results for the six month period ended 30th June 2004
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06 September 2004
Integrated acquires Italian brokerage business
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Integrated Asset Management plc, the alternative investment manager and institutional brokerage group quoted on the Alternative Investment Market of the London Stock Exchange ('Integrated'), announces that it has entered into an agreement to acquire 100% of the share capital of International Capital Markets SIM S.p.A ('ICM'), an Italian money broking business based in Milan.
Integrated plans to combine ICM's operations with its existing Italian broking subsidiary, Interfin SIM and the Italian branch of Integrated Financial Products, Integrated's London based brokerage unit. The acquisition brings further experienced management with decades of experience. Owing to the nature of the businesses, significant cost savings will arise as the operating platform and marketing costs are brought together.
Based on historical results, the combined entity will handle about 50% of the total volume of the Italian institutional interest rate derivatives brokerage market.
In addition ICM is part of the international brokerage network, 'European Brokers Network'. This Group is active in six European countries and will enable Interfin to expand its distribution base further.
In its most recent full fiscal year ended 31 December 2003, ICM had profit before tax of €425,950 on turnover of €3,397,667.
Integrated will pay for this acquisition through a combination of cash and shares. The initial consideration will be € 1,500,000 cash and 176,947 Ordinary shares of Integrated. ICM has cash resources of about €1,900,000. The other instalments will be paid on the achievement of certain profitability milestones and shall not exceed a total of €1,450,000, payable in cash and shares.
Emanuel Arbib, chief executive of Integrated commented 'the agreement with ICM shareholders was finalised swiftly after negotiations in which we shared broadly similar views on the growth of the two companies. This acquisition will allow us to consolidate our position and become a leader in this niche market.'
Sergio Zora, president and the main shareholder of ICM said 'for years we have been growing our market share in the Italian institutional brokerage market. However, in order to reach a higher volume and compete in the European market, we decided to join with a fast-growing and dynamic group such as Integrated. We are confident that the synergies of the brokerage services together with Integrated's other alternative investment activities and the distribution of hedge funds will allow us to achieve significant growth.'
The acquisition is subject to Bank of Italy approval and Integrated's acceptance of an independent auditors report.
Notes to Editors:
Integrated Asset Management Plc is a global financial services company listed on the Alternative Investment Market of the London Stock Exchange. Integrated's core business is in alternative investment products, innovative fund management and institutional brokerage services for niche markets. Integrated Asset Management is owned by a mix of institutional shareholders, management and private investors. The company was founded in 1997, currently has in excess of $540 million assets under management and adviceand has offices in 5 countries across 3 continents.
International Capital Markets SIM S.p.A is an Italian investment Company regulated by CONSOB and the Bank of Italy. The company's primary activity is money broking in Capital Markets. ICM SIM's main products include Interest Rate Swaps, Forward Rate Agreements, Asset and Basis Swap, FX Options, Deposit, X Spot and Forward, Bonds and Bond Options. From the beginning of 2003 the company started the activity of investment services and financial instruments placement, both with traditional institutional customers and with private customers.
02 September 2004
Integrated enters the Italian hedge fund market
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30 July 2004
Issue of Equity
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25 June 2004
Directorate Change
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