StockMarketWire.com - Admiral said Thursday it expected to report an impairment charge from Compare.com following an investment in the company at a discount, but stressed that full-year performance would meet guidance.

The current outlook was for the full year Admiral share of loss to be in line with the guidance at the 2018 half-year results of US$8m to US$13m.

Former Admiral Group CEO Henry Engelhardt's wife Diane Engelhardt would invest US$25m into Compare.com at a 15% discount to the valuation of previous funding rounds, resulting in an impairment charge expected to be carried in Admiral's full-year results.

As a result of the proposed transaction, Mrs Engelhardt would hold a 17% stake in Compare, with Admiral owning 59% and White Mountains and Mapfre USA the remaining 24%.

Admiral also said it had provided Compare up to US$10m by way of a convertible loan.


At 8:02am: [LON:ADM] Admiral Group PLC share price was -26.5p at 1986.5p



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