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December 2, 2002
December 2, 2002 - LONDON, UK - Covington & Burling, the international law firm, advised The Terence Chapman Group PLC (TCG) in relation to the recent disposal of TCA Consulting Limited, an IT consultancy for the financial services sector and its only remaining trading subsidiary. City Practitioners Limited (CPL), a niche IT services consultancy specializing in the investment banking sector, acquired TCA Consulting for nominal consideration at completion, with further consideration payable based on future revenues of TCA Consulting. TCA Consulting's long-standing reputation in providing business and IT consultancy services to clients in corporate and investment banking, private and retail financial services and investment management services will assist CPL as it looks to extend its practices into other areas of the financial services sector.
Hoare Govett Limited acted as financial adviser to TCG in relation to the disposal, which constituted a Class 1 disposal for the purposes of the UK Listing Authority Listing Rules. The Directors of TCG have indicated that they intend to propose to shareholders that the company be placed into members' voluntary liquidation in due course thereby enabling cash reserves to be returned to shareholders. The listing of TCG shares on the Official List of the UK Listing Authority was cancelled on 18 November 2002.
Covington & Burling corporate partner Simon Goodworth, who has advised TCG for many years, led the Covington team. He said: "I have acted for TCG for many years and through the period saw it grow from an ambitious fledgling into an entrant to the London Stock Exchange on its flotation in 1999. This transaction therefore has particular poignancy for me." Mr. Goodworth was assisted by senior corporate associate Simon Amies.
For more information, please contact Renagh Christopher, 44.(0).20.7067.2069 or Simon Goodworth, 44.(0).27.7067.2013.