Takeover talks between Elephant and FTP abandoned

Reverse takeover talks between Elephant Loans & Mortgages and Financial Trade Partnership have come to an end.

The company is currently in separate negotiations regarding a refinancing package, until then the company’s shares will remain suspended on AIM until the matters are clarified.

Trading in Elephant was suspended in April this year, awaiting the reverse takeover, in which the firm was set to acquire the entire issued share capital of Financial Trade Partnership.

Given the relative size of FTP to Elephant, the deal required the approval of the company’s shareholders at a general meeting.

FTP is a brokerage network which provides a range of services to brokers, including the management of compliance and operational costs, training, and product and sales support.

In March, Elephant’s subsidiary, Elephant Loans (Direct) Limited became an Appointed Representative of FT Compliance Services Limited, a wholly owned subsidiary of FTP, and a member of the FT Partners network.

Packager association Freehold merged with FT Partners at the end of June 2008, and rebranded as FT Freehold.