Midas Capital shares are soaring this morning as the boutique outlined further details of its debt restructure and management incentive plan.
In a letter to investors, executive chairman Colin Rutherford urged shareholders to approve the plans at its 3 June general meeting. Following the merger of Midas and iimia MitonOptimal in March 2008, the enlarged group had £2.8bn in funds under management and advice and a £40m outstanding loan with the Bank of Scotland. However, at 31 March 2009, funds under management and advice fell to about £1.9bn, with debt falling to £36.5m. "As the credit crisis has deepened since September 2008, the board has become concerned about the company's level of debt in the face of a possibly prolonged ...
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