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Westchester Advises StatPro in Proposed Acquisition of FRI for CDN$53.0 Million

Westchester’s second International transaction for StatPro in 2006

Westchester Associates today announced that it advised StatPro Group plc ("StatPro") in its proposed acquisition of FRI Corporation (“FRI”). FRI is an investment management solutions company based in Canada. It is a leading provider of securities information services, asset, wealth and trading management software solutions to approximately 190 clients, comprising fund managers and custodians, primarily based in the US and Canada.

Under the terms of the proposed agreement, which is subject to approval of StatPro’s shareholders at an extraordinary general meeting to be held on October 20, 2006, StatPro will acquire FRI for an aggregate consideration of CDN$53.0 million (approximately £25 million).

Remarking on Westchester’s contributions to this transaction, Justin Wheatley, StatPro CEO said, “Westchester was asked by us to make a complete survey of target companies in North America that might be suitable for StatPro in advancing our strategic plans. They did a very competent job, canvassing over 70 companies and providing us with 10 or so qualified targets with the result that we succeeded in all our objectives, namely to acquire a business with complementary products
that could be cross-sold to our clients and to rebalance our revenue sources so that North America represents 50% of our revenues. Should we wish to make further acquisitions, we would certainly use them again.”

This is StatPro’s second transaction working with Westchester and represents another recent example of Westchester’s UK and US offices working together to execute an international project for its clients. The engagement with StatPro further illustrates how Westchester is assisting midcap UK public companies expand and increase shareholder value via UK and international acquisitions.

StatPro Group plc is a leading provider of portfolio analytics solutions for the global asset management industry. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. StatPro has grown its revenue from continuing operations from £1.8 million in 1999 to £10.8 million in 2005.