UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 30, 1997
THE ADVEST GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-8408 06-0950444
(State or other jurisdiction of Commission File Number I.R.S. Employer
incorporation or organization) Identification No.)
90 State House Square
Hartford, Connecticut 06103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (860) 509-1000
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Item 5. Other Events.
On October 2, 1997, The Advest Group, Inc. ("AGI") announced that it
entered into a letter of intent to acquire Ironwood Capital Ltd. in
exchange for common stock of AGI.
The consideration to be paid to the Ironwood shareholders in the
acquisition will be 137,060 restricted shares of AGI common stock. The
parties expect that the acquisition will be accounted for as a pooling of
interests. The acquisition is expected to close on or before November 1,
1997.
Ironwood is a private investment bank that is in the business of
originating and distributing private placements of taxable fixed income
securities. Over the past six years, it has successfully placed nearly $4
billion of debt securities, including senior and subordinated corporate
debt, asset-backed securities, commercial mortgages and project financings,
all with institutional investors. Following the acquisition, Ironwood and
its 12 employees will become the Corporate Fixed Income Group within the
Corporate Finance Division of Advest, Inc., the broker-dealer subsidiary of
AGI. The principal employees of Ironwood will enter into employment
agreements with Advest and non-compete agreements under which they will
receive cash payments contingent on their continuing in Advest's
employment.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
THE ADVEST GROUP, INC.
Date: October 2, 1997 By: /S/ DAVID A. HOROWITZ
Name: David A. Horowitz
Title: Vice President
