Network Data draws up short-list of interested parties for ARs

Network Data has short-listed two “large financial services companies” interested in taking over appointed representatives from Network Data Limited and Mortgage Broking Services.

In an email update sent to ARs yesterday Richard Griffiths, chief executive of Network Data Holdings, says the company has been approached by six parties about transferring the two AR networks elsewhere.

Griffiths did not disclose who the interested parties were, saying: “As always, we are bound by the rules of the London Stock Exchange and are not able to release any information that would be deemed to be price sensitive to the quoted shares in Network Data Holdings plc.”

But he adds: “I can confirm that both the short-listed parties are large financial services companies that have the necessary funds to complete the deal and look after the best interests of you as an AR.”

Griffiths has told ARs that the successful bidder for the businesses will be settle in full any outstanding commissions due to ARs.

He also says that payment of all commissions “remains a priority.”

Concluding the email, Griffith says that the Financial Services Authority is being notified of ongoing developments.

He expects the selection process to be finalised by the week commencing April 27.