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People are up in arms about the situation surrounding Giles and its announcement that “there are no proceeds available for any payment to holders of A or B ordinary shares”.

This announcement followed the broker’s acquisition by Arthur J Gallagher, for a cash sum of £233m.

Brendan McManus, in his letter to the shareholders, stated: “Any payment made by the buyer (Gallaghers) will firstly be applied to repay all outstanding bank debt, all loan note principal and accrued interest on the loan notes