Instructed by Praxis Fund Services Limited ("PFSL") in relation
to the acquisition of Investec Administration Services Limited
("IASL"). PFSL is a specialist administration services business for
institutional funds with diverse investment profiles ranging from
property and private equity funds to hedge and fund of hedge funds.
Like PFSL, IASL has its roots in professional fund administration
services, administering an extensive number of funds developing
opportunities in a diverse range of areas such as property, private
equity and financial market funds. The Praxis Group has a network
of fund administration offices covering Guernsey, Malta and
Luxembourg. The consideration for the sale of the shares and other
obligations assumed by the vendor under the Share Purchase
Agreement was partly cash, which was paid on completion, but was
primarily by way of trail fee.