Mortgage Advice Bureau (Holdings) plc (AIM:MAB1) acquired remaining 20% stake in First Mortgage Direct Limited from Ian McGrail for £9.35 million on May 29, 2024. Under the terms of the put and call option agreement, the Company has exercised its discretion to satisfy 25% of the Consideration in cash, being £2.34 million, and 75% of the Consideration, being £7.01 million, by the issue of new ordinary shares in the Company using an agreed formula. The Company has therefore issued 804,754 Ordinary Shares of 0.1 each in the capital of the Company. The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares in issue. As Ian McGrail is a director of First Mortgage, the acquisition of the remaining 20% of First Mortgage constitutes a related party transaction under the AIM Rules. Ian McGrail will continue to be Managing Director of First Mortgage. This transaction is expected to be earnings enhancing for MAB. First Mortgage made a profit before tax of £5.4 million in the year ended 31 December 2023, and had net assets of £9.3 million as at 31 December 2023. Stephen Westgate and Giles Rolls from Numis Securities Limited act as financial advisor for Mortgage Advice Bureau (Holdings).

Mortgage Advice Bureau (Holdings) plc (AIM:MAB1) completed the acquisition of remaining 20% stake in First Mortgage Direct Limited from Ian McGrail on May 29, 2024.