Update: Fiske Approves Sale Of 1000 Shares In Euroclear

​Fiske plc, the London-based stockbroking and investment management firm, is pleased to announce that the board of Euroclear Holding SA ("Euroclear") has approved the sale of the 1,000 shares in Euroclear held by the Company (the "Sale Shares").

Further to the announcement made on 12 November 2020, the update showed that Fiske will proceed with completion which will occur on or before 20 November 2020 in accordance with the terms of the sale agreement.

The shares to be sold equal approximately 28% of Fiske’s current holding. Fiske will sell the shares for a cash consideration of €1.6 million (c. £1.4 million). The buyer is an European bank which is already a shareholder in Euroclear.

At November 30, 2019, the interim accounts of the company reported a balance sheet value of the Sale Shares, which are denominated in Euros, as £1.5 million. If approved, this sale will enable Fiske to realise a net profit of approximately £1.2 million on the historic cost of the shares. In the year to May 2020, Fiske received a dividend of approximately £40,000 on the Sale Shares.

The sale will provide cash to fund further growth opportunities and additionally strengthen the firm's balance sheet.