17 August 2017
visit www.avoka.com

Patsystems disposes of eLocal shareholding

04 July 2002  |  2883 views  |  0 Patsystems disposes of eLocal shareholding

Patsystems is to dispose of its 40 per cent shareholding interest in Chicago-based introducing broker eLocal for £575,000.

ELocal's client base consists of traders, both electronic and professional floor traders, on the Chicago Board of Trade, Chicago Mercantile Exchange, Liffe and Eurex.

Patsystems's investment in eLocal was part of the company's strategy to develop its North American business. The company now believes that its continued ownership of a minority interest in an introducing broker will create potential conflicts with other customers.

David Jones, CEO of patsystems, says: "We have agreed with eLocal a mutually beneficial contract that allows their senior management to acquire our shares. We can now concentrate on working to support them as a customer whilst they develop their business further."

ELocal has repaid an intercompany loan to patsystems, which at 31 December 2001 was £142,000. The Chicago broker has also signed a formal software licence agreement.

The consideration is to be settled in cash in eight equal quarterly instalments starting on 25 September 2002. The deferred consideration is secured over certain assets of eLocal by way of a loan note. The cash proceeds from the disposal will be placed on deposit.

At 31 December 2001, patsystems' investment in eLocal was held in the books of the company at a net book value of £382,000 and the share of loss taken in the company's profit and loss accounts for the year to 31 December 2001 relating to the company's investment in eLocal was £54,000.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10312 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9685 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9558 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8513 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7990 views comments | 1 tweets | 2 linkedin

Featured job

London, UK (or flexible)

Find your next job