terrain sells out

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    from ozestock.com.au


    Sells Stockbroking Business
    14-05 1749


    Financial services company, Terrain Australia Limited (ASX:TER) today
    announced the sale of its stockbroking business Terrain Securities to
    Paterson Ord Minnett ("Patersons").

    Announcing the sale Executive Chairman of Terrain Australia Ltd, Mr
    Michael Ramsden said, "The decision to sell our stockbroking business
    was made on both financial and strategic grounds."

    "Operating a stockbroking business in recent times has been difficult
    for all in the industry, and with our focus being increasingly
    directed towards mortgage and finance broking, it was opportune to
    take advantage of an offer for Terrain Securities to allow us to
    consolidate the business in the direction it is heading."

    "Our Board was determined to ensure that clients and employees could
    be transferred in a manner that is most beneficial to them. Terrain
    Securities advisors will have an opportunity to move across to
    Patersons, as will most support staff."

    "Patersons is a good cultural fit and, in our view, offered the best
    prospects for our clients."

    "While the terms of the sale are confidential, we believe the sale is
    in the best interests of Terrain Australias shareholders as we move
    forward," Mr Ramsden said.

    For further information, contact:

    Michael Ramsden Geoff Drucker
    TERRAIN AUSTRALIA LIMITED CORPORATE KUDOS PTY LTD
    (03) 9620 7555 (03) 9646 3444, 0419 817 827

    ends - AAP

 
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