Last checked at 25 Mar 2022 16:39
KINGSWOOD HOLDINGS LIMITED
("Kingswood", the "Company" or the "Group")
Master Services Agreement with Kingswood LLP
Kingswood Holdings Limited (AIM: KWG), the international, vertically integrated wealth and investment management group, announces that on 24 December 2020 it entered into a Master Service Agreement ("MSA") with Kingswood LLP to provide services in relation to payroll, back-office support, financial due diligence, transition and separation services, corporate finance transactional support and preparing statutory financial statements. The MSA contains a provision which caps the maximum payment due to Kingswood LLP in any calendar year at £250,000 or such other amount as the parties agree. This amount was subsequently increased to £400,000 in relation to the year ending 31 December 2021. In each case, the quantum paid to Kingswood LLP was considered de minimis in the context of the Company.
The Company has today agreed with Kingswood LLP to increase this cap to £625,000 for the year ending 31 December 2022. This increase is made in anticipation of enhanced M&A activity within the Group for which the Company will utilise the support and services offered under the MSA.
The Company amending the MSA with Kingswood LLP is considered to be a Related Party Transaction under the AIM Rules. Jonathan Massing, Non-Executive Director of the Company, is the majority shareholder of Kingswood LLP and Gary Wilder, Group Chief Executive Officer of the Company, is a member of the Kingswood LLP partnership. Jonathan Massing and Gary Wilder also each have a beneficial shareholding in KPI Nominees. KPI Nominees is a significant shareholder in the Company.
The independent directors of the Company, having consulted with finnCap Ltd in its capacity as the Company's nominated adviser for the purposes of the AIM Rules, consider the terms of these transactions to be fair and reasonable insofar as the Company's shareholders are concerned.
The independent directors in relation to these matters are all of the directors of the Company except for Jonathan Massing and Gary Wilder, who are not considered independent because of their interests in Kingswood LLP.
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 |
Stuart Andrews / 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 9.1 billion of Assets under Advice and Management. It services circa 19,300 clients from a growing network of offices in the UK including Abingdon, Beverley, Conisbrough, Darlington, Derby, Essex, Grimsby, Hampshire, Harrogate, Hull, Lincoln, London, Maidstone, Newcastle, Sheffield (2), Worcester and York with overseas 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.