Kingswood Holdings Limited Deferred consideration payment for WFI Financial (1023Q)
February 24 2021 - 01:00AM
UK Regulatory
TIDMKWG
RNS Number : 1023Q
Kingswood Holdings Limited
24 February 2021
24(th) 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 GBP3.5
million has therefore been paid.
A portion of the cash proceeds from the issue of new convertible
preference shares on December 31(st) 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 GBP1 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) +44 (0)20 7324 5498
Jamie Brownlee / Alice Gasson / Ellie Jamie.Brownlee@greentarget.co.uk
Basle
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
GBP5.9 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 GBP1.2bn 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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