IFG chairman Moran to step down, agm told
IFG GROUP chairman Joe Moran has announced he is to retire as non-executive chairman of the company.
Mr Moran, who owns building company Manor Park Homes which is now in receivership, made the announcement at the company’s annual general meeting in Dublin yesterday.
Mr Moran has been non-executive chairman of the company since its inception in 1989.
He received fees of €52,000 last year in his role as chairman. He is also a shareholder in the company, As of December 31st, 2011, he held about 4 per cent of the company’s issued share capital, according to the company’s annual report.
Chief executive Mark Bourke said the search for his successor is under way and a number of potential candidates had been identified. The process is expected to be completed by the fourth quarter.
IFG told shareholders yesterday that the company, which operates a pension administration and financial advisory services in the UK and Ireland, is continuing to “perform well” since its last market update on May 18th.
The company announced the sale of its international business to AnaCap Partners for £70 million (€87 million) earlier this year.
The international division consisted of trustee and corporate services in a number of countries, including Jersey, Cyprus, Switzerland and the Isle of Man.
Mr Bourke said the sale of IFG’s international business would allow the company to focus on its core interests in the advisory and pensions area, noting that the company had received “a very strong price for a very strong business”.
The proceeds of the sale will be used to pay down debt, while the company yesterday said it was considering “further investment” in its core businesses. It may also provide an opportunity of returning cash to shareholders, IFG said.
The international division contributed about 35 per cent of the company’s operating profits in 2011. IFG was the subject of a takeover bid last year from Bregal Capital, though the talks ended without agreement. The most recent results for IFG show the company posted a 7 per cent rise in sales last year to £110.8 million (€131 million) last year.
Pretax profits totalled £10.1 million compared to £2.7 million in 2010, with the UK representing 65 per cent of its profits.
Gary Owens, head of IFG in Ireland, said the company’s Irish division, which operates about 400 corporate schemes and runs a financial advisory service, was performing extremely well this year and had signed up 27 new corporate schemes so far this year.