WH Ireland proposed disposal to Oberon voted down at general meeting

(Alliance News) - WH Ireland Group PLC on Thursday said the proposed GBP1 million sale of its wealth management business to Oberon Investments Ltd was vetoed by shareholders on Thursday, along with its AIM delisting.

Shares in the the London-based wealth management company shot up 9.2% to 1.37 pence as a result on Thursday afternoon in London.

Last month, WH Ireland said it struck a deal with Oberon Investments to sell the division for GBP1 million in cash, and proposed the delisting of its shares from London's junior market.

Oberon Investments Ltd is the investment management division of the London-based investment management, wealth planning and corporate broking group, Oberon Investments Group PLC.

Explaining the rationale behind the moves, WH Ireland cited continued underperformance in the wealth management business, and said there was "insufficient benefit" to maintaining its AIM admission "given the significant costs involved".

On Wednesday, WH Ireland said that proxy votes filed indicate that both resolutions will fail, but noted that the actual outcome of the general meeting will not be known until it has been held.

At the general meeting on Thursday, both resolutions did indeed fail, with the proposed transaction voted down by 95.63% of participating shareholders, and with the proposed delisting receiving 55.50% votes against.

WH Ireland said it will consult its key shareholders with regard to the future plans for the business, noting that while it continues to be loss making, it has "sufficient liquidity and regulatory capital" to operate on a business as usual basis.

Owing to the meeting result, Non-Executive Directors Simon Moore and Garry Stran notified the board of their resignation intentions, with them set to resign as directors on January 9.

WH Ireland added: "The non-executive directors are fully committed to working with the company to affect an orderly transition and handover in the coming months taking into account any views that might be expressed by any principal shareholders as part of their anticipated consultations."

Oberon on Thursday noted the general meeting outcome, but stated its view that "the asset purchase agreement between Oberon Investments Ltd and WHI remains in force, with the parties' obligations to use all reasonable endeavours to procure that the APA becomes unconditional continuing until 31 December 2025."

The company added that both parties are in "constructive discussions" and are considering options to optimise the outcome for clients and stakeholders.

Oberon Investments were quoted flat at 4.10 pence on Thursday afternoon on London's Aquis Exchange.

By Christopher Ward, Alliance News reporter

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