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24 Feb 2021 07:00
24th February 2021
Deferred consideration payment for WFI Financial
Settlement of second deferred consideration payment regarding WFI Financial business and assets acquired in October 2019
Kingswood Holdings Limited (AIM: KWG), the international fully integrated wealth and investment management group, is pleased to announce that WFI Financial, whose business and assets were acquired in October 2019, has met the performance targets required for the second deferred consideration payment. An amount of £3.5 million has therefore been paid.
A portion of the cash proceeds from the issue of new convertible preference shares on December 31st 2020 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 remains 44,828,443 shares (at an issue price of £1 each).
David Lawrence, Kingswood's UK Chief Executive Officer commented:
"We are pleased with the first full year performance of WFI Financial particularly given the challenging business conditions Covid-19 has presented. While continuing restrictions prevent us fully engaging with existing and potential clients, conditions will improve as the vaccination programme escalates, and we remain confident of the opportunity for growth this year and beyond."
For further details, please contact:
Kingswood Holdings Limited |
+44 (0)20 7293 0730 |
David Lawrence / Patrick Goulding | www.kingswood-group.com |
Peel Hunt LLP (Nomad and Broker) | +44 (0)20 7418 8900 |
James Britton / Rishi Shah | |
Greentarget (for Kingswood media) Jamie Brownlee / Alice Gasson / Ellie Basle | +44 (0)20 7324 5498 Jamie.Brownlee@greentarget.co.uk |
Stand Agency (for Pollen Street media)
Cait Dacey
+44 (0) 7973 596 503
pollenstreet@standagency.com
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group, with around 16,000 active clients and circa £5.9 billion of Assets under Advice and Management. It has a growing network of offices in the UK including Abingdon, Beverley, Darlington, Derby, Egham, Grimsby, Hull, Lincoln, London, Maidstone, Newcastle, Sheffield (2), Worcester and York with offices in Johannesburg, South Africa and Atlanta, New York and San Diego in 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 becoming a leading player in the wealth and investment management market through targeted acquisitions in the UK and US, creating a global business through strategic partnerships.
About Pollen Street Capital
Pollen Street Capital is an independent alternative asset investment management company focused on the financial and business services sectors across both private equity and credit strategies. The private equity strategy is focused on investing middle market firms which have the capacity to become leaders in their field across Europe. Pollen Street have deployed over £1.2bn capital into this strategy over the last 14 years delivering strong returns for its investors that include leading pension funds, asset managers, banks and family offices from around the world. Pollen Street Capital has a team of 70+ professionals with offices in London and New York.
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