Last checked at 25 Jul 2014 07:00
25 July 2014
European Wealth Group Limited
("European Wealth", or "the Group")
Acquisition Update and Issue of Equity
The Board of European Wealth today announces that it has paid £86,966 to Mr Peter Mullins (the "Payment") pursuant to the agreement for the acquisition of Bradley Stuart, dated 18 October 2012 (the "Bradley Stuart Acquisition").
Under the Bradley Stuart Acquisition, Peter Mullins was to receive up to £2.3 million of consideration (the "Consideration") plus 12 per cent of the turnover to 18 October 2014 (the "Turnover Payments"). This Payment is the third Turnover Payment due with the fourth and final payment due by the end of this year. The Payment is being satisfied through the issue of 43,488 new ordinary shares of 0.1p each ("Ordinary Shares") in European Wealth at a price of £1.00 per share and £43,488 in cash. Up to £1,442,665 of Consideration remains payable to Peter Mullins, which may be satisfied in cash or through the issue of new Ordinary Shares or convertible loan stock in European Wealth.
Application has been made for the Ordinary Shares to be admitted to trading on AIM and admission is expected to occur at 8:00am on 31 July 2014 ("Admission").
Following Admission, the Company will have in issue 14,322,173 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares with voting rights in the Company will be 14,322,173.
The Company also has 575,039 of unsecured convertible loan stock of £10 each quoted on AIM ("CLS"). The total number of CLS with voting rights is 575,039.
The above figures may be used by Shareholders in the Company as the denominators for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.
For further details, please contact:
European Wealth Group Limited
John Morton, Rod Gentry: +44 (0)20 7293 0733
www.ewgrouplimited.com
Daniel Stewart & Company Plc - Nominated Adviser and Broker
Antony Legge, Harrison Clarke, Mark Treharne: +44 (0)20 7776 6550
GTH Communications
Toby Hall: +44 (0)20 7822 7493 / +44 (0)7713 341072
About European Wealth Group Limited
European Wealth Group Limited (AIM: EWG, EWGL).is the holding company for the fast growing wealth management business, European Wealth Management Group Limited. Having commenced trading in 2010, European Wealth has two operating divisions, European Investment Management Limited ("EIM") and European Financial Planning Limited ("EFP"). Both are regulated by the FCA and were established to be RDR compliant from the outset, EIM opting for Restricted Adviser status and EFP for Independent Adviser status. Today the Group's head office is in London with a network of five local offices across the South of England. Core services offered by the Group are financial planning, corporate pension advisory and investment management in both equity and fixed interest instruments. For further information on European Wealth's wealth management and financial planning services, please go to www.europeanwealth.com.
ENDS