AXA UK

On 23 October 2006, AXA UK announced that it had reached agreement with the Board and two main institutional shareholders of Thinc Destini to acquire the entire share capital of Thinc Destini. A recommended offer ("Offer") was made to ordinary shareholders on 21 October 2006.

Under the terms of the agreement with the two main institutional shareholders and the Offer, the shareholders of Thinc Destini will share up to £70mlion based primarily on the financial performance of the business during 2009.  The maximum amount is subject to certain deductions as detailed in the terms of the Offer. £10mlion of this amount will be paid at completion.

AXA UK has also agreed to fund the repayment of Thinc Destini's existing indebtedness, which arose primarily due to Thinc Destini's acquisition of a number of IFA businesses, and provide further working capital to the Thinc Destini Group, up to an aggregate amount of £30mlion. The Offer was declared unconditional on 10 November 2006.

Thinc Destini is a multi-channel advisory business with a national multi-tie, IFA and network model with more than 650 advisors.  The business has approximately £3 billion of funds under advice and procured around £3 billion of mortgages for customers in 2005.

Canaccord Genuity acted as sole financial advisor to AXA UK.