Cobra sells subsidiary business for £3.3m

A hand extended holding a bag of pounds - illustration

Cobra explained the fee would be split between an initial payment of £1m followed by £2.3m after the purchase of Mr Truman's 5,905,748 shares in Cobra who will then loan the money to ISO to make the payment.

The company also confirmed it will use £313,826 together with interest of £13,419 of the initial £1m payment to redeem loan notes held by Mr Truman with the remainder used to reduce group borrowings. All further proceeds for the sale will be used to buy and cancel Cobra shares.

The news

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: