Last checked at 27 Sep 2022 15:06
27 September 2022
Deferred consideration payment for Admiral Wealth Management
Settlement of first deferred consideration payment regarding the Admiral Wealth Management business and assets acquired in August 2021
Kingswood Holdings Limited (AIM: KWG), the international fully integrated wealth and investment management group, is pleased to announce that it has made the first deferred consideration payment in the amount of £0.5m relating to the acquisition of Admiral Wealth Management, as announced on 18 August 2021.
A portion of the cash proceeds from the issue of convertible preference shares on 31 December 2021 have been used to make this deferred consideration payment.
The convertible preference shares were issued under the terms of the Company's convertible preference share subscription agreement with HSQ INVESTMENT LIMITED, originally announced on 12 September 2019. HSQ INVESTMENT LIMITED is a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Limited ("Pollen Street").
The total number of irredeemable convertible preference shares held by Pollen Street is 77.4m shares (at an issue price of £1 each).
ENDS
For further details, please contact:
Kingswood Holdings Limited | +44 (0)20 7293 0730 |
David Lawrence | www.kingswood-group.com |
finnCap Ltd (Nomad & Broker) | +44 (0)20 7220 0500 |
Simon Hicks / Abigail Kelly | |
GreenTarget (for Kingswood media) Jamie Brownlee / Alice Gasson / Ellie Basle | +44 (0)20 7324 5498 Jamie.Brownlee@greentarget.co.uk |
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa £9 billion of assets under advice and management. It services circa 19k clients from a growing network of offices across the UK with overseas offices in South Africa and the US.
Kingswood offers a range of trusted investment solutions to its clients, which range from private individuals to some of the UK's largest universities and institutions, including investment advice and management, personal and company pensions and wealth planning. Kingswood is focused on building on its position as a leading player in the wealth and investment management market through targeted acquisitions, creating a global business through strategic partnerships.