Sale to FI Group nets millions for OSI founders
Friday 21 May 1999
They include chief executive Fred Evans and David Demetrius, and the marketing expert Harvey Parr, the two founders, who own 15 per cent of OSI. They are retiring and taking mainly cash.
Another 10 members of the core management - who own 45 per cent of the equity - are staying with the enlarged group and taking mainly shares, which they have undertaken not to sell for two years. The 380 members of staff own a further 18 per cent of the shares and all staff are being offered additional options equivalent to one year's salary, which can be exercised and cashed, or rolled over into FI options. More than 40 per cent of the enlarged group will be owned by the executives and employees.
ECI Ventures will cash in most of its 20 per cent stake but retain some FI shares. The cash element of the deal is being financed by a placing of FI shares to raise a further pounds 20m and new pounds 40m borrowing facility with the bank.
OSI operating profits rose 150 per cent to pounds 6.5m before exceptional items in the year to the end of June 1998, and it is expected to achieve a further growth in the current year, in spite of the ending of a large contract, FI's deputy chairman and chief executive Hilary Cropper said yesterday. The two businesses are an exceptionally good fit and should be earnings-enhancing immediately. FI shares jumped 40p to 327.5p.
- 1 Apple has installed security backdoors on 600m iPhones and iPads, claims security researcher
- 2 UK pirates will get four warning letters a year
- 4 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 5 Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Hacking Trial: Rebekah Brooks, Raisa and a new twist in the saga of a horse fit for a Prime Minister
Israel-Gaza conflict: Palestinian death toll now exceeds 500 – but Israel fights on
Income tax league: Revealed - the UK towns where people pay the most and least tax
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines MH17 crash: Blogger captures footage ‘showing BUK missile launcher that shot down jet’ now back in Russia
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£850 - £950 per day: Orgtel: Programme Director - Conduct Risk - Banking - £85...
£45000 - £50000 Per Annum + excellent benefits: Clearwater People Solutions Lt...
£250 - £300 per day + competitive: Orgtel: Finance Manager - Accountant - Bank...
£100000 - £120000 per annum + BONUS + BENEFITS: Harrington Starr: A leading fi...