London-based holding company ACHP, formerly known as Pro Global Insurance Solution, is looking to offload its one-third voting share and 30% economic rights in Asta Capital – Lloyds’ leading third party managing agent – as directors look to capitalise on the Company’s significant investment before a proposed delisting.
ACHP directors say they hope to “realise for shareholders the Company’s investment in Asta” as the Company continues to review its performance while exploring and assessing options to dispose of this investment at the right time and at an appropriate price.
In doing so, It has been indicated that ACHP are cooperating with the other shareholders of Asta and its management to minimise any potential disruption to the business. The directors are also focused on minimising the ordinary expenses of the Company in line with its limited activities.
A transaction is hoped to be entered into by the end of January 2019, subject to any regulatory approvals, after which ACHP would likely be placed into a members’ voluntary liquidation. The directors believe that a Delisting would be necessary as a result of any likely transaction.
