RUSSIA - CapMan acquires remainder of Norum

CapMan agreed to acquire Morum in May 2008, with 51% of the company's shares being transfered into the ownership of CapMan plc in August of that year. The purchase price was approximately EUR 3.4m, which was paid in a combination of cash and shares.

The new transaction sees the remaining minority shareholders, comprising the management team (all of which are investment professionals in CapMan Russia), excercise their put option to sell their interests in the firm to Capman. The purchase price for the new transaction was around EUR 3.6m, which will comprise EUR 1.8m in cash and EUR 1.8m in Capman plc B shares. Following the deal the vendors will hold a 4.3% stake in Capman plc.

Due to the sellers' put option Norum has been consolidated in CapMan Group's figures as a 100% owned subsidiary since September 2008.

CapMan recently closed its CapMan Russia Fund, formerly Norum Russia Fund III, on EUR 118m - short of its EUR 150m target.

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