MBSL reveals share capital offer for ARs
MBSL intends to allocate shares linked to the level of mortgage business written by each broker through the network. However, in order to qualify for distribution of the shares on 1 April 2010, AR firms need to remain members until the vesting date of 15 March 2010.
Back in July Mortgage Introducer exclusively revealed MBSL had taken over regulatory responsibility for those AR firms signed up to Optoma’s Interpartners network. According to the FSA register, MBSL now oversees 107 AR firms.
Society chief executive David Cowie commented: “The improving financial performance of MBSL now coming through has coincided with ongoing member enthusiasm for participation in the ownership of the network, hence the move to create this enfranchisement programme.”
He added: “Our share scheme will not be restricted solely to current members and it will therefore enable new members to participate relative to their business levels up to the end of 2009. This is clearly a bold initiative designed to benefit both member firms and the embedded value of the MBSL business itself.”
Neil Armitage, development director of MBSL, said the network was actively recruiting new AR members with a focus on those firms who are currently directly authorised but looking to switch.
He said: “Having taken over Optoma’s Interpartners network the plan was always to share MBSL with the members. We’re saying by joining us firms will get a shareholding and a slice of the action depending on the business they write.”
Finalised details of the arrangements are expected to be communicated to brokers early in 2006.