Guardian Holdings Limited (GHL) has advised of the sale and disposal of its Gibraltar based insurance carrier, Zenith Insurance and its UK based insurance service company, GHL Insurance Services UK Limited.
The sale which is in keeping with prior shareholder communication, was finalized between the parties on December 31, 2009, and is subject to regulatory approval. Such approval is anticipated within the next 30 to 60 days.
Given the past performance of this business, current consideration is nominal, however the Group has the possibility of sharing in future profits over the next four years. Any such future consideration will have a positive effect on the Group`s profit and loss position.