Mourant Equity Compensation Solutions sold to HBOS

04.08.06

Mourant announces that it has completed the sale of Mourant Equity Compensation Solutions to Halifax Employee Share Services, a division of HBOS plc. The transaction, which is effective from 1 August 2006, creates a combined entity comprising more than 400 employees and 800 clients worldwide. Mourant Equity Compensation Solutions will cease to use the Mourant name and will start trading with the existing HBOS team under the new name of HBOS Employee Equity Solutions with immediate effect.

Commenting on the acquisition, Richard Nelson, Head of HBOS Employee Equity Solutions, said: "We are very excited that through this deal we will be able to offer a one-stop shop for employee and executive share schemes. Moreover, the transaction will enable us to combine our reputation for outstanding customer service and focus, with Mourant’s unrivalled specialist and technical expertise."

Nicola Davies, Chief Executive of Mourant, said: "We are particularly pleased to have successfully concluded the disposal of Mourant Equity Compensation Solutions to HBOS having been very encouraged by the positive responses to the proposal which we received from a range of stakeholders in both companies during the negotiation process. It’s very much business as usual from today for our former colleagues and their clients as part of HBOS. Mourant will now proceed to focus the Group’s development plans on consolidating its core business in the funds, structured finance and private wealth markets around the world."

For enquiries about HBOS Employee Equity Solutions please contact Julian Foster (telephone +44 (0)770 441863) or visit www.employeeshareservices.co.uk.