MAM plans payout for shareholders after pounds 100m Mercury sale
Tuesday 03 December 1996
The sale will generate approximately pounds 40m in cash for MAM as the deposits of Mercury Bank had been consolidated on MAM's balance sheet.
Stephen Zimmerman, deputy chairman of MAM, said the group was considering redistributing the proceeds of the sale to shareholders.
"We will be looking at ways, if we don't have use for the cash, [to return it to shareholders]," Mr Zimmerman said.
He said MAM would not know if it needed the cash until the time of its results in March.
And before returning any cash to shareholders the company would need clarification of the tax implications of share buy-backs and large dividends following the recent action taken by Kenneth Clarke, the Chancellor.
The decision to sell the private bank is part of MAM's strategy to concentrate on its core investment management business and its UK and Jersey-based international private client operations.
In addition, MAM will manage a "significant" pool of assets for Republic National, which specialises in private banking. It is 100 per cent- owned by Safra Republic Holdings, which in turn is part of the Republic New York Corporation Banking Group.
MAM will keep its representative office in Zurich, which markets mutual funds and investment services for institutional clients.
- 2 Why this father didn’t hide his daughter’s heroin overdose in her obituary
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 The most powerful passports in the world
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Smartphones are making children borderline autistic, says psychiatrist
Nepal earthquake: The race is on to help thousands trapped under rubble around Kathmandu, while remote villages face a long wait for help
Royal baby: Live updates as superbug closes ward at St Mary's Hospital where Duchess of Cambridge is due to give birth
Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...