London-based stockbroking and investment management firm Fiske plc (LON:FKE) today provided an update on its plans to sell 1,000 shares in Euroclear Holding SA.

Today, Fiske announces that the Board of Euroclear has approved the sale of the 1,000 shares in Euroclear held by company. Following receipt of approval, Fiske will proceed with completion which will occur on or before November 20, 2020 in accordance with the terms of the sale agreement.

The shares to be sold equal approximately 28% of Fiske’s current holding. Fiske will sell the shares for a cash consideration of €1.6 million (c. £1.4 million). The buyer is an European bank which is already a shareholder in Euroclear.

At November 30, 2019, the interim accounts of the company reported a balance sheet value of the Sale Shares, which are denominated in Euros, as £1.5 million. If approved, this sale will enable Fiske to realise a net profit of approximately £1.2 million on the historic cost of the shares. In the year to May 2020, Fiske received a dividend of approximately £40,000 on the Sale Shares.

The sale will provide cash to fund further growth opportunities and additionally strengthen the firm’s balance sheet.