LitComp secures cash injection
LitComp plc, a provider of After the Event Insurance (ATE) and medico-legal reports, is being acquired by Torridon Capital Limited, a newly incorporated Scottish company established solely for the purpose of buying the firm.
Torridon Capital is indirectly controlled by two of LitComp’s major shareholders, Nigel Wray and Maven Capital Partners.
Following completion of the transaction, LitComp’s existing management will be retained and the company will be able to redeem £2.5 million in convertible Loan Notes at a premium, while also offering Ordinary shareholders a substantial premium over the latest closing share price.
The move will also give Elite Insurance (LitComp’s wholly owned ATE subsidiary) access to over £200 million of managed capital resources.
According to the group, Elite has shown continued and profitable growth since the business was established in 2006, recently opening new offices in London and Gibraltar.
LitComp says it is delighted to have completed this deal, which will provide additional resources for growth in existing markets and expansion into new areas of business.
Category: Companies News, Insurance News
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