London Pacific Group Limited: Announcement of Acquisition of Investment Holding
RELATED SYMBOLS: (LDP)(BRCM)
LONDON, Aug 8, 2000 /PRNewswire via COMTEX/ -- London Pacific Group Limited
(NYSE: LDP) (London Stock Exchange: LPG) is pleased to announce that a
definitive agreement has been signed by Broadcom Corporation (Nasdaq: BRCM)
("Broadcom") to acquire Silicon Spice, Inc., in which a subsidiary, London
Pacific Life & Annuity Company ("LPLA") holds an investment.
In connection with the acquisition LPLA expects to receive, upon closing of the
transaction, for its holding in Silicon Spice, approximately 221,249 shares of
Class A Common Stock of Broadcom, valued at $54.8 million at the closing price
on 7th August 2000. LPLA will also be entitled to up to a further 24,583 shares
of Class A Common Stock of Broadcom, to be held in escrow in accordance with the
terms of the transaction. The transaction is expected to close within 60 days.
The holding of LPLA in Silicon Spice was acquired in private placements for
approximately $9.8 million.
London Pacific Group Limited, based in Jersey, Channel Islands, is a financial
services company with four business areas: annuities, asset management,
financial advisory services and venture capital management. London Pacific's
operating companies gather assets through their distribution networks in the US
and UK, and seek to generate superior returns on their venture capital holdings
in late stage technology infrastructure companies. Assets under management,
consulting or administration are approximately $5.0 billion.
R.W. Green
Company Secretary
Visit the Company's website at www.londonpacific.com .
SOURCE London Pacific Group Limited
CONTACT: Ian Whitehead, Chief Financial Officer of London Pacific Group
Limited, +44-1534-607700; or Ralph Richardson of Hill and Knowlton,
323-966-5709, or Richard Oldworth, Buchanan Communications, +44-20-7466-5000,
both for London Pacific Group Limited
URL: londonpacific.com
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KEYWORD: England
INDUSTRY KEYWORD: FIN
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