Listed City firm Rosenblatt has continued its strategy of diversifying beyond legal services by announcing the £22m acquisition of a business specialising in financing mergers and acquisitions. Rosenblatt said the acquisition of Manchester-based Convex Capital would also create opportunities for the cross-referral of business.Convex Capital Ltd, incorporated last year from an LLP dating back to 2010, specialises in financing the sales of start-up businesses to large corporates. It claims to have delivered transactions adding up to £2bn. According to today’s announcement, in the year ending 30 June, Convex generated revenues of £8.7m and profit before tax of £4.3m. As of 30 June, the director-owned business had net assets of £3.7 million and no net debt. In its last annual results, for calendar year 2018, Rosenblatt reported profits of £3m on revenues of £12.5m. Rosenblatt said the acquisition is expected to help generate a regular flow of fee-based work for Rosenblatt’s corporate division. It will also create a new regional business hub at Convex’s Manchester base.Manchester firm Freeman Fisher acted for the sellers and management of Convex Capital.The total cost of the deal, in Rosenblatt shares and cash, is £22m. Of an initial consideration of £13.6m, £7m will be paid in cash from the existing resources and £6.6m by the issue of 5.5 million new Rosenblatt shares. Key managers and employees of Convex have agreed to a long-term lock-in and non-compete clauses, the announcement said. Shares in Rosenblatt Group plc rose 4.5% to 92.5p on the news, down from a peak of 123.5p in June this year.
Transportation officials recently awarded contracts to repair landslides in Graham County and Henderson County.Adams Contracting of Robbinsville earned a $735,000 contract to repair a slide located on N.C. 143 about one mile west of the intersection with N.C. 28.Traffic will continue to flow on the highway using a temporary signal in Graham County. The contractor will remove loose debris and create more of a gradual slope from the slide area which measures about 220 feet high and 150 feet wide. The work began last week and should be completed by May.In Henderson County, traffic will utilize the open lane on U.S. 74A during the work and both lanes available when workers are not present at the location near Grant Mountain Road.GLF Construction, with a base in Asheville, earned the contract for $1.15 million to repair the slide area of about 150 feet tall and 250 feet wide. The contractor will remove material from a ditch beside the road, push other dirt and rock down the road and build a rock buttress at the bottom of the slide area. The contractor expects to complete the work by May 3.
Africa’s Greatest Entrepreneurs is a unique collection of stories about 16 of the most successful entrepreneurs and business visionaries currently operating in Africa. Author Moky Makura talks to Zoopy TV about the book. Click arrow to play interview.Posted on SouthAfrica.info on 23 February 2009.
Cybercriminals’ efforts to steal taxpayer data and infiltrate IRS systems are on the rise, an IRS official has said. IRS Chief Information Officer Gina Garza told House lawmakers on September 26 that the Service continues to face challenges in safeguarding taxpayer information.IRS AuthenticationThe House Ways and Means Subcommittee on Oversight held a September 26 hearing examining the IRS’s taxpayer authentication process. The process known as “authentication” is how the IRS distinguishes legitimate taxpayers from cybercriminals seeking to infiltrate the Service’s systems. IRS officials told lawmakers that although the IRS has made progress in the area of identity theft refund fraud, cybercriminals’ tactics and methodology continue to evolve.Ways and Means Oversight Subcommittee ranking member John Lewis, D-Ga., noted during opening statements the cost and severity of cybercriminals filing fraudulent tax returns. “[C]riminals stole more than $1.5 billion by filing fraudulent tax refunds in 2016,” Lewis said. “Although I am encouraged that the agency improved its efforts to protect taxpayer data, the IRS must keep up the fight,” he added.IRS Identity AssuranceCurrently, the Service is utilizing an IRS Identity Assurance Strategy and Roadmap document to guide and strengthen the IRS’s identity authentication procedures. However, the IRS does not have a plan in place to measure or evaluate the progress of its efforts toward stronger taxpayer authentication, IRS Chief Privacy Officer Edward Killen told the subcommittee Chair Lynn Jenkins, R-Kan., in response to her inquiry.Overall, both the Government Accountability Office (GAO) and the Treasury Inspector General for Tax Administration (TIGTA) maintain that the IRS needs to do more to protect taxpayer data and prevent refund fraud. Officials from GAO and TIGTA told lawmakers during the hearing that the IRS has made improvements in the area of authentication, but procedures remain largely inadequate. “The IRS has not prioritized the initiatives supporting its authentication strategy nor identified the resources required to complete them,” James R. McTigue Jr., director of tax and strategic issues at GAO said.By Jessica Jeane, Senior News EditorHearing testimony can be located here: https://waysandmeans.house.gov/event/hearing-on-the-internal-revenue-services-taxpayer-online-authentication-efforts/Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.