5 Feb 2018 07:00
5 February 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
Issue of shares in respect of Deferred Consideration to the vendors of Independent Financial Services (U.K.) Limited
AFH, a leading financial planning led wealth management firm, announces the payment of the final tranche of deferred consideration for the acquisition of Independent Financial Services (U.K.) Limited ("IFS"), details of which were originally announced on 1 May 2015.
Earn-out consideration comprising a cash payment of £264,773, and 106,763 ordinary shares of 10 pence each ("Deferred Consideration Shares") has been settled with the vendors of IFS pursuant to the terms of the acquisition. The value of the Deferred Consideration Shares equates to £264,772 based on the average mid-market price of 248 pence on the five days ended 31 October 2017.
The Deferred Consideration Shares have been satisfied by the Company through the issue of 106,764 new ordinary shares of 10 pence each in the Company ("New Ordinary Shares") on 2 February 2018.
Application will be made shortly for the New Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission") and it is expected that Admission will become effective on 9 February 2018.
Following the issue of the New Ordinary Shares, the issued share capital of the Company will comprise 37,739,574 ordinary shares of 10 pence, each with one voting right.
The total number of Ordinary Shares carrying voting rights in AFH is therefore 37,739,574. This figure will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information please contact:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
Liberum (Nominated Adviser and Broker) 020 3100 2000
John Fishley
Richard Bootle