Acquisition of holding in Vision Independent Financial Planning Limited
Rathbone Brothers Plc ("Rathbones") has acquired a 19.9% holding in both Vision Independent Financial Planning Limited ("Vision") and its sister company, Castle Investment Solutions Limited ("Castle"), for a total cash consideration of £2 million. The stakes have been purchased from the founders of Vision and Castle, namely Roger Edwards and Paul Sweaton, and their spouses (the "Founders").
Rathbones has also entered into a series of options with the Founders which would entitle Rathbones to acquire the remaining 80.1% of Vision and of Castle in 2015 for a mixture of cash and Rathbones' ordinary shares with a further potential deferred element payable at the start of 2018. If Rathbones does not exercise its options to acquire the balance of holdings from the Founders, the Founders have options to buy Rathbones' shareholdings back for the original £2 million paid.