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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Kingswood Holdings Limited    EWG   GG00BKY4K072

KINGSWOOD HOLDINGS LIMITED

(EWG)
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Kingswood : Issue of Convertible Preference Shares

02/17/2020 | 02:09am EST
Regulatory Story
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Issue of Convertible Preference Shares
Released 07:00 17-Feb-2020



RNS Number : 1339D
Kingswood Holdings Limited
17 February 2020

17 February 2020

KINGSWOOD HOLDINGS LIMITED

('KWG', the 'Company' or the 'Group')

Issue of Convertible Preference Shares

Continuation of Kingswood Growth Strategy

Kingswood Holdings Limited (AIM: KWG), the integrated wealth management group, announces that it has issued a total of 3,500,000 convertible preference shares (the 'New Convertible Preference Shares'), under the terms of the convertible preference share subscription agreement announced on 12 September 2019, to HSQ INVESTMENT LIMITED ('Pollen Street'), a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Limited.

As announced on 1 October 2019, the Company and Pollen Street elected to fund the acquisition of WFI Financial LLP by the issue of irredeemable New Convertible Preference Shares for the initial payment and three deferred consideration payments in 2020, 2021 and 2022. The first such deferred consideration payment is due to be paid in February 2020 upon confirming that all milestones set in the agreement for the sale and purchase of the business and assets of WFI Financial LLP ('WFI') have been met. Accordingly, New Convertible Preference Shares have now been issued to satisfy the payment of the first deferred consideration payment.

The New Convertible Preference Shares represent the third tranche of irredeemable convertible preference shares issued pursuant to the Pollen Street subscription agreement and as such the total number of irredeemable Convertible Preference Shares held by Pollen Street will increase to 9,227,655shares at an issue price of £1 each.

Gary Wilder, Group CEO at Kingswood commented: 'We are pleased with the initial performance of WFI and are delighted to have Charlie, Mark and team as part of the Kingswood group. The WFI business is now fully integrated and the central investment propositions have been consolidated into one, streamlined product offering.

2019 was a landmark year as we completed our restructure, welcomed so many talented new members to the Kingswood family through acquisition or direct hire and formalized our partnership with Pollen Street to provide permanent growth equity to further expand our business globally.We also established the foundations for our US platform with the announcement of the Manhattan Harbor (New York) and Chalice (California) transactions, with the Chalice acquisition currently proceeding through FINRA regulatory approval in US.

We are now able to attract the highest quality people to our team, whether as a preferred destination for IFAs looking to migrate their businesses to a strong, well capitalized platform; or from talented individuals looking to expand their career with a dynamic, entrepreneurial global wealth manager.

Our major focus now is to seek accretive opportunities in the UK IFA market and the IBD/RIA market in the US. We have a strong pipeline of qualifying transactions, and are in advanced, exclusive due diligence on a selection of transactions across the UK that, if completed, will significantly add to our adviser network and expand our footprint across the north of England, into Scotland and around the Greater London area.'

ENDS

For further details, please contact:

Kingswood Holdings Limited

+44 (0)20 7293 0730

Gary Wilder / Patrick Goulding

www.kingswood-group.com

finnCap Ltd (Nomad and Broker)

+44 (0)20 7220 0500

Scott Mathieson / Anthony Adams - Corporate Finance

Tim Redfern / Richard Chambers - ECM



Greentarget (for Kingswood media)

Jamie Brownlee / Alice Gasson / Ellie Basle

+44 (0)20 7324 5498

Jamie.Brownlee@greentarget.co.uk

Camarco (for Pollen Street media)

Ed Gascoigne-Pees / Jennifer Renwick

+44 (0)20 3757 4984

ed.gascoigne-pees@camarco.co.uk

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) integrated wealth management group, with around 5,500 active clients and c. £2.5 billion of Assets under Management and Advice. It has a growing network of offices in the UK including Abingdon, Beverley, Derby, Lincoln, London, Maidstone, Sheffield and Worcester, and offices in Johannesburg, South Africa and New York, USA.

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 management market through targeted acquisitions in the UK, with the ultimate goal of creating a global business through strategic partnerships. In May 2019 the firm acquired a strategic stake in US-based, Manhattan Harbor Capital Inc.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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Issue of Convertible Preference Shares - RNS

Disclaimer

Kingswood Holdings Limited published this content on 17 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2020 07:06:09 UTC


© Publicnow 2020
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Sales 2020 29,6 M 39,4 M 39,4 M
Net income 2020 3,20 M 4,26 M 4,26 M
Net Debt 2020 - - -
P/E ratio 2020 11,4x
Yield 2020 -
Capitalization 61,8 M 82,5 M 82,4 M
Capi. / Sales 2020 2,09x
Capi. / Sales 2021 1,86x
Nbr of Employees 174
Free-Float 19,3%
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Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts 1
Average target price 26,00 GBX
Last Close Price 28,50 GBX
Spread / Highest target -8,77%
Spread / Average Target -8,77%
Spread / Lowest Target -8,77%
EPS Revisions
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NameTitle
Gary Spencer Wilder Group Chief Executive Officer & Director
Kenneth Reginald Dawson West Non-Executive Chairman
Harriet Griffin Chief Operating Officer
Patrick Joseph Goulding Group Chief Financial Officer & Director
Jonathan Fraser Massing Non-Executive Deputy Chairman
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