CTC ties up loose ends on LCL acquisition
Five years after it purchased life run-off provider LCL, Charles Taylor Consulting (CTC) has finally tied up the loose ends up by issuing £400,000 of stock to the vendors.
A regulatory filing shows that the run-off and insurance services firm has issued 244,074 shares at 1p each to the shareholders that owned publicly-traded LCL prior to the 2005 takeover.
CTC stock is currently trading at 168p per share, giving the shares a theoretical value of around £410,000.
Following the issuance CTC had 40,344,664 ordinary shares.
CTC acquired LCL in 2005, agreeing to pay up to £43mn for the run-off specialist.