17 Feb 2010 11:34
Press release | 17 February 2010 |
Share plc
Share plc Group to acquire majority of Wills & Co customer base
Share plc (AIM:SHRE.LN), parent company of The Share Centre Ltd (one of the UK's leading independent stockbrokers), is pleased to announce that The Share Centre intends to acquire the majority of the customer base of Wills & Co Stockbrokers Limited ("Wills"). Letters to customers are being posted by Wills informing them of the new arrangements.
Wills is a retail client stockbroker, privately owned and independent since 1883. Following action taken by the Financial Services Authority ("FSA"), Wills has ceased transacting new investment business.
The customer mailing will be sent by Wills to around 11,000 customers explaining that their accounts, including their shareholdings and cash balances, will be transferred to The Share Centre within the next 1 to 2 weeks, subject to finalising a legal agreement with Wills. The Share Centre will send its own mailing to these customers soon afterwards, providing additional information on the transfer arrangements. Further details on the transfer are available from www.share.com/wills or by telephoning The Share Centre on 08456 185 190.
Welcoming the transfer, Gavin Oldham, Share plc chief executive, said: "We look forward to providing the customers of Wills with a high quality, self-select dealing service in shares and funds at the same low cost tariff enjoyed by other customers of The Share Centre.
"As new customers they will have access to our full range of services including ISAs, Child Trust Funds and Regular Investment Service. In addition, they can take advantage of our online investment research and speak to our in-house advice team for no additional cost."
Iain Wallace, Share plc's group compliance & legal services director, said: "We have kept in close contact with the FSA during our discussions with Wills to help ensure that continuity of service can be provided to their customers.
"While The Share Centre will not be continuing the Wills business model, assuming liability for any acts or omissions of Wills, or be responsible for any customer complaints regarding Wills, we hope that the arrangements that have been put in place will ensure a swift, but orderly, transfer of business for customers."
Share plc intends to release its quarterly benchmarked revenue data on Tuesday 2 March 2010, together with its preliminary results for the year to 31 December 2009.
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Further information:
| Telephone |
Gavin Oldham - CEO | 01296 439 100 |
Iain Wallace - Group Compliance & Legal Services Director | 01296 414 141 |
Guy Wiehahn / Oliver Stratton - KBC Peel Hunt - Nominated advisor and broker | 0207 418 8900 |
Risk Warning:
This document is not intended to constitute an offer or agreement to buy or sell investments and does not constitute a personal recommendation. The investments and services referred to in this document may not be suitable for every investor and if in doubt independent financial advice should be sought. No liability is accepted whatsoever for any loss howsoever arising from any information in this document subject to the rules of the Financial Services Authority or the Financial Services and Markets Act 2000. Share prices, values and income can go down as well as up and investors may get back less than their initial investment. Sharemark is an auction-based dealing facility designed primarily for emerging or smaller companies to which a higher investment risk tends to be attached than to larger or more established companies. The securities traded on Sharemark may not be listed. The Sharemark trading facility is operated by The Share Centre Limited. The Share Centre is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority under reference 146768. Sharefunds is a member of the Investment Management Association and is authorised and regulated by the Financial Services Authority under reference 227807. Sharemark is a Multilateral Trading Facility and is not a recognised investment exchange, clearing house or regulated market within the meaning of the Markets in Financial Instruments Directive.
Notes for Editors: 1. Share plc is the parent holding company of The Share Centre Ltd and Sharefunds Limited and its shares are traded on Sharemark (www.sharemark.com), the auction-based trading platform designed especially for growing companies, as well as on AIM and PLUS Markets. 2. The Share Centre (www.share.com) was formed in 1990 and provides a range of account-based services to enable investors to share in the wealth of the stock market. It believes in more people enjoying straightforward investing, and this is reflected in its tariff, with dealing commission of 1% with a minimum of just £7.50 and a quarterly administration charge of £2.50 plus VAT. There's also a 'Trader' option which fixes the dealing commission at a flat £7.50 for deals up to £25,000. The charge for this option is £20 plus VAT per quarter. 3. Sharefunds (www.sharefunds.com) was established in 2003 to provide an in-house fund management solution for the Share plc Group, which has since expanded into the provision of third party fund administration solutions. 4. For more details on the Share plc Group contact 0800 800 008, or visit www.shareplc.com.
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