Mortgage Advice Bureau completes CPF disposal

Specialist appointed representative network and consumer intermediary brand Mortgage Advice Bureau announced on Monday that it has completed the sale of its 49% stake in Capital Private Finance for consideration in cash of £2.7m.

The AIM-traded firm had revealed in its final results on 22 March that Countrywide had exercised its call option over the joint venture.

“As previously announced the post-tax profit on disposal will be distributed by way of a special dividend to shareholders of 4.25 pence per ordinary share,” MAB’s board said in a statement.

“This dividend will be paid on 26 August 2016 to ordinary shareholders on the register on 12 August 2016.

“The ex-dividend date is 11 August 2016.”

CPF will shortly cease to be an Appointed Representative of MAB, the board confirmed, reducing the number of MAB Advisers by 14.

MAB's exposure to the London market will reduce to around 6% in terms of revenue as a result.