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07 Mar, 2008

By David Campbell | 14:25:13 | 07 March 2008

Iimia MitonOptimal has formally completed its takeover of Midas Capital Partners following approval of the deal at an extraordinary general meeting today.

The merger expands Iimia MltonOptimal's asset base to £1.6 billion. The meeting also appointed Colin Rutherford as non-executive director and chairman of the board.

Simon Edwards, newly appointed managing director, said that the company was currently locked in discussion over which funds would be merged and which would be maintained.

'Obviously this is something that we want to get wrapped up as soon as possible and hope to come to some decision within the next few weeks,' said Edwards.

The deal remains subject to the successful issue of 27.5 million new shares on the Alternative Investment Market to raise £59 million to fund the buyout.

Midas Capital Partners was valued at £100 million, most of which will go to Edwards and Alan Borrows who co-founded the company in 2002.

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