LONDON (Alliance News) - Kingswood Holdings Ltd on Wednesday said that Darryl Kaplan has ceased to be a non-executive director of the company with immediate effect.
Kaplan, currently chief executive of Astoria, was on the integrated wealth management group's board as a representative of Astoria since the firm was a significant shareholder in Kingswood.
Following the issue of new equity in Kingswood, with the new shares admitted to trading on Wednesday, Astoria's shareholding fell below the 17.5% stake threshold needed to have a representative on the board resulting in Kaplan having to leave.
Kingswood Holdings shares were trading 0.3% lower at 8.35 pence each on Wednesday around midday.
Kingswood H. (KWG)