WH Ireland has confirmed the sale of its capital markets division to Zeus Capital Limited has now completed following the announcement of the deal last month (3 June) for a total consideration of up to £5m.
The AIM-listed company reiterated in a statement today (15 July) that the sale of the capital markets division would "help to satisfy the Group’s objectives by immediately reducing its liabilities, as well as its working and regulatory capital requirements, while also increasing potential cash inflows if and when the deferred consideration is paid, shortly following the first anniversary of completion of the Transaction".
Phillip Wale (pictured), CEO said: “This transaction secures an outcome which the Directors believe is beneficial in respect of the overall strategy of the Group.”
With effect from this morning, the majority of WH Ireland’s clients successfully transferred to Zeus Capital Limited. For those clients that have not yet transferred transitional arrangements have been put in place to enable WH Ireland Limited to maintain its nominated adviser status for a maximum of a further three months after Completion (i.e. until 14 October 2024).
A WH Ireland qualified executive will be made available to any remaining clients to continue to perform WH Ireland’s Nomad obligations for this period only and to assist them in transferring to Zeus Capital Limited or to a new nominated adviser.
Following the disposal of its Capital Markets Division and pursuant to Rule 31 of the AIM Rules for Nominated Advisers, WH Ireland Limited is now prevented from taking on any new nominated adviser clients.
