Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Insurance brokers in bid spree
Insurance broker network operator Cobra Holdings and diversified insurance broker CBG have clinched £12.1 million of takeovers.
As foreshadowed here three days ago, acquisitive London-based Cobra has gone on the takeover trail again and has bought three brokers and one underwriting agency for a combined price tag that could reach £9.8 million. At the same time, its fellow AIM counter, Manchester-headquartered insurance broking, financial advice and healthcare concern CBG has bought Howgud, the holding company for Oldham-based insurance broker and financial services provider EDN, for up to £2.22 million.
Cobra’s chief executive Steve Burrows says the company is ‘taking advantage of the opportunities for consolidation in the insurance broking market’. Cobra is buying three profitable brokers, Hampshire-based Giles (Alton), Mancunian company JK Lee and GKD, which also brings with it an agency for a group of independent insurance firms.
CBG is paying an initial £1.2 million for EDN parent Howgud, its second regional acquisition so far this year, and a deferred ‘earn-out’ consideration of up to £1.125 million if certain targets are met over two years. Laurie Turnbull, CBG’s chairman, argues ‘real benefits will be derived from consolidating and integrating EDN into CBG’.
Cobra’s shares have not moved on the news and remain at 88.5p, down from 107.5p in December, valuing the company at £36.4 million. CBG is up 1p at 157.5p, down from December’s high of 191p and putting a value of £21.7 million on the company.
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