Last checked at 30 Jul 2012 14:51
For immediate release: 30 JULY 2012
Kingswalk Investments Limited
(the "Company")
RESULT OF ANNUAL GENERAL MEETING AND UPDATE ON INVESTMENT PORTFOLIO
The Directors of Kingswalk Investment Limited (AIM: KWI) are pleased to announce that all resolutions were duly passed at the Company's Annual General Meeting held on 30 July 2012 at Roseneath, The Grange, St Peter Port, Guernsey, GY1 3SJ.
Commenting on the Company's investment portfolio, Roger Parry, director of Kingswalk, said:
"We are pleased with the performance of our investments during the first half of 2012, in particular that of European Wealth Management Group Plc ("European Wealth"), which has made significant progress since we made our investment in April 2012, especially in attracting new assets under management ("AUM"). As at the close of business on 28 July 2012, European Wealth's contracted AUM had increased by more than 80% to approximately £285 million, with approximately a further £60 million of new AUM anticipated over the coming weeks.
Operationally, we are pleased to report that European Wealth is building a strong platform from which to attract additional AUM organically and through targeted acquisitions. European Wealth currently employs 26 staff, of which 10 are FSA-authorised, with a new financial planner and two financial advisers expected to join shortly. European Wealth continues to trade in line with its management's expectations.
Kingswalk continues to pursue additional investment opportunities in the financial services arena, including complementary businesses to that of European Wealth. We look forward to updating shareholders on our progress in due course."
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Kingswalk Investments Limited
Roger Parry: +44 (0)14 8173 2888
Daniel Stewart & Company Plc - Nominated Adviser and Broker
Noelle Greenaway, Director, Corporate Finance: +44 (0)20 7776 6550
Martin Lampshire, Head of Corporate Broking
GTH Communications
Toby Hall/Suzanne Johnson-Walsh: +44 (0)20 3103 3903