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News: LFS Latitude Group Holdings Announces Agreement To Sell Hallmark Insurance Business

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    08/08/22
    11:25
    Post #: 62981362

    Aug 8 (Reuters) - Latitude Group Holdings Ltd (LFS) :

    • ANNOUNCES AGREEMENT TO SELL HALLMARK INSURANCE BUSINESS
    • ENTERED INTO AGREEMENT TO SELL LATITUDE INSURANCE HOLDINGS TO ST ANDREW'S INSURANCE GROUP FOR A$20.3 MILLION
    • SALE WILL ALLOW LATITUDE TO RELEASE A$90 MILLION OF CAPITAL INTO ITS CORE BUSINESS
    • EXPECTED TO RECORD A POST-TAX LOSS OF APPROXIMATELY A$30 MILLION ON SALE
    • COMPLETION OF TRANSACTION EXPECTED TO OCCUR BETWEEN LATE Q4 2022 AND Q1 2023
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