Seneca Investment Managers Limited agreed to acquire Miton Capital Partners Limited from Miton Group plc (AIM:MGR) for £6.4 million on January 24, 2014. Under the terms of consideration, a cash payment of £3.5 million payable on completion, a further cash payment representing net assets of MCPL as at completion, currently estimated to be around £1.9 million, will be payable by the later of three months after completion or June 30, 2014 and two equal payments of deferred consideration are payable on first anniversary of completion and second anniversary of completion in total up to a maximum of £1 million, with the maximum amount payable subject to total assets under management remaining at or above £300 million after 24 months post-completion. The fund management firm will be renamed Seneca Investment Managers. Miton Capital Partners will continue to be managed by its existing team of fund managers overseen by new Chief Executive Officer, Stuart Eaton.

The transaction is subject to the FCA approval and is expected to complete by early quarter 2 of 2014. The cash to be received from the disposal will reduce the Miton Group plc's regulatory capital requirement and fund the continued growth of Miton Group plc. Gay Collins, Reg Hoare, Simon Hockridge and James Morgan of MHP Communications acted as public relation advisors and Guy Wiehahn and Harry Florry of Peel Hunt acted as nominated advisors and broker for Miton Group plc. Sue Inglis of Cantor Fitzgerald Europe acted as financial advisors for Midas Income & Growth Trust PLC.