IFG takes option on finance firm

IFG Group has taken an option to acquire 33-100 per cent of Financial Tradeline, a new company which organises trade finance for businesses.

IFG will pay £100,000 for 100,000 B cumulative preference shares in Financial Tradeline. Payment will be made over 12 months.

IFG has an option until September 30th, 1999, to convert the B shares into ordinary shares in Financial Tradeline and a further option to acquire all the shares in the company.

Conversion will give IFG between 33 per cent and 100 per cent of Financial Tradeline depending on the pre-tax profits of the company in the year to end April, 1999.