Primark Corporation (NYSE: PMK; PCX) today announced a strategic equity investment in TrustNet Limited, the market leader in web-based distribution of UK Open- and Closed- End Mutual Fund performance and profiling data. Primark will acquire a 16.7% equity stake in TrustNet for $2.4 million, with an option to acquire an additional 20% in certain circumstances. The transaction, which is subject to certain conditions, is anticipated to occur no later than May 30, 2000.
TrustNet will use the funds raised to develop and expand its existing business, which is profitable. Primark, through its business unit, Datastream, currently provides TrustNet with substantial volumes of fund pricing and performance data for its Web site, www.trustnet.co.uk. As part of the investment agreement, Chris Brooke, international business development director of Primark Financial Information Division, will become a director of TrustNet.
Graham Bucknall, chief executive officer of TrustNet, commented, ``We are delighted at the opportunity to work ever more closely with Primark and build on our existing positive relationship. Their investment will enable us to capitalize on the successful niche and brand which TrustNet has built over the last few years and to exploit new markets, new products and new opportunities on a pan-European basis.''
Joseph E. Kasputys, Primark's chairman and chief executive officer stated, ``We expect the mutual fund market to expand rapidly due to the convergence of the European markets, increasing personal savings and the introduction of new investment vehicles such as Stakeholder pensions. All existing and potential investors - both institutional and retail - have rapidly growing requirements for complete and accurate data delivered via the Internet. The Primark/TrustNet partnership will meet these investor needs.''
Primark is a leader in the mutual fund financial information marketplace through its premier brands such as MarketEye and Vestek Select.
TrustNet's unit trust product, which is powered by Primark data, is a complementary vehicle for several of Primark's products.
About Primark
Primark Corporation (www.primark.com), headquartered in Waltham, Massachusetts, is a $500 million global information services company that collects, integrates and delivers financial, and economic information. Through its premier brands, such as A-T Financial Information, Baseline, Disclosure, Datastream, Global Access, GlobalTOPIC, I/B/E/S, MarketEye, PIMS, WEFA, Worldscope and Vestek, Primark is at the forefront of the international investment information business. Primark serves financial, corporate and government decision-makers in 61 countries through 86 offices in 24 countries. Over 1,000 of Primark's 3,500 employees are engaged in the collection of financial and economic data.
About TrustNet
Established in 1995, TrustNet Limited (www.trustnet.co.uk) is the world's most comprehensive source of free and independent open-and closed-end mutual fund information to both institutional and private investors on the Internet. Daily updated prices, performance, charts and detailed background information is available on more than 2,500 mutual funds including all UK Open-Ended and OEICs, all UK Closed-End Funds, and US and Offshore Closed-Ended Funds as well as daily updated data on 100 world indices and 30 world exchange rates. ``Forum'' enables investors to communicate with other TrustNet users while a personal portfolio service, ``Custom,'' allows users to keep track of their funds. The company is funded by subscriptions and advertising from Investment Management Companies who manage the funds covered within the service.
For further information,
please contact:
Primark TrustNet
Chris Brooke Graham Bucknall/James Jones,
Primark Financial Information TrustNet
Division, 011.44.207.439.3160
Primark Corporation grahamb@trustnet.co.uk
011.44.207.336.1965 011.44.207.336.1965
chris.brooke@primark.com
SOURCE: Primark Corporation
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