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WH Ireland Share Discussion Threads
Showing 2026 to 2049 of 2050 messages
|70k shares bought at 125p today..|
|Interesting to see Polygon still buying here, imo. Up to 5,770,634 shares (22.078%), from the 5,525,634 (21.12%) last reported. So they've added around 250k shares (GBP 300k) in the last 6 weeks or so, even after the Kuwaitis took a stake. I guess that means they can't be in discussions with the Kuwaitis bout selling their stake, but positive nevertheless imo. I still hold quite a few here.|
|Equity Development seem to think it's not a precursor to a full takeover. However, I bet Oceanwood and Polygon will be banging on the Kuwaitis' door trying to do a deal with them. they won't want to be stuck with 36% of the company without the prospect of being taken out, imo.|
|Indeed. I did. Thanks.|
|More to come?
"potentially as the precursor to a full takeover of the London-listed firm."
A chance to get in 10% cheaper than the 140 paid by the Kuwaitis yesterday.|
|tromso1: Simon Thompson is behind a paywall. Does he say anything interesting?|
|The price was 140p. Just check yesterday's trades. (I take meijiman's point about Equity Development though!)|
|Why would KEH want a small value stake in WHI? It seems unlikely that they hope to make a trading profit, or hang about hoping for dividends.|
|Who would take note of anything written by Equity Development?|
|Equity Development say the price was 140p:
W.H. Ireland ("WHI") has gained a new and powerful strategic investor in Kuwaiti European Holdings ("KEH"), the vehicle of the highly respected Al-Humaidi family, which has purchased 23% of the shares at 140p per share, a 39% premium to Friday's closing price. KEH owns substantial businesses in leisure, property, financial services and healthcare, including an investment management company in Kuwait and a FCA-regulated firm in the UK. The FCA has approved a "change of control" allowing KEH to buy up to 29.9% of W.H. Ireland.
We can visualise significant benefits: firstly synergies between WHI and the Kuwaiti investment manager (many Kuwaitis wish to invest in the UK), secondly KEH will use WHI's expertise when making other investments in the UK, thirdly KEH's access to capital can fund any attractive acquisition opportunities that come WHI's way.
The price KEH paid for the shares is a substantial 42% discount to our estimate of a sum-of-the-parts valuation for WHI (of 240p per share), but an almost equal 39% premium to the market price on Friday evening (pre announcement). Paying £8m+ at a significant premium to the market price looks like a strong vote of confidence in the strategies that WHI CEO Richard Killingbeck and his team have been pursuing.|
|Now for the stampede.|
|Tthanks Courant. Interesting. In particular, that they are apparently buying from Marland, Lowe and others. I bet Polygon and Oceanwood (36% plus between them)weren't expecting that!|
Should be exciting on Monday!|
|This company is so poorly managed. They need changes at the top. They are seen as the nomad broker of last resort|
|Terrible management decisions have resulted in a loss.|
|Looks like Polygon soaking up all the sells here. Good to see. Now over 20%.|
|Seems to be going well and no bad press lately? Anyone seen any bad press?
BUT - if there is a brexit it will impact all CITY brokers.|
|Someone selling in 25k chunks today. Wonder if that's Rupert Lowe. I see WHI has a new website, but major shareholder and issued share details are woefully out of date.|
|Yes, exactly, thanks!|
|Was it this one, Courant?
Wealth manager Tilney Bestinvest is taking over its rival Towry in a £600m deal that marks further consolidation within the UK’s increasingly buoyant financial advice sector.
The deal brings together two private-equity owned groups — Palamon Capital Partners is selling out of Towry, while Permira, which owns Tilney Bestinvest, is doubling down on wealth management.
The combined group will have more than £20bn of assets under management, giving it much-needed scale in the face of the growing pressures of regulation and increased compliance costs.
In recent months, a rash of mergers and acquisitions has swept across the £1.8tn sector, with a focus in particular on midsized wealth managers with between £5bn and £10bn of assets under management.
Last month, Liechtenstein’s LGT Group acquired a majority stake in London-based boutique Vestra Wealth, and Société Générale swooped on City stalwart Kleinwort Benson. In February, Tilney Bestinvest bought Ingenious Asset Management, a London-based discretionary investment manager focused on very wealthy clients.
“Scale in central support functions such as operations, IT and compliance will better enable us to service clients. It should also help us get access to the lowest cost share classes when investing our clients’ assets,” said Jason Hollands, managing director at Tilney Bestinvest.
Overall, wealth management deals in 2015 surged to 124 — up from 83 the year before — according to Scorpio Partnership, the wealth management consultancy.
Kevin Pakenham, co-founder of Pakenham Partners, a corporate finance boutique, said: “The point is that by increasing your clients and assets under management you have substantial synergies and the opportunity of having a lower marginal cost of production.
“Almost every asset manager and wealth manager has falling average costs, and under those circumstances a merger is always going to generate additional profits per unit under management.”
However, Eamonn Flanagan, an analyst at Shore Capital, asked whether Tilney Bestinvest had paid too much — at £600m, Palamon is walking away with 13 times its invested capital.
In wealth management, takeovers can mean that everyone gains, says Matthew Vincent.
“[The price] certainly would have been justified at some point given the progress the management have done with Towry,” Mr Flanagan said. “But it just feels a bit rich to me.”
The nature of the UK’s wealth management sector is changing. A growing number of companies are targeting the mass affluent market — those with between £50,000 and £150,000 to invest — by offering computer-driven robo-advice. That has ratcheted up the pressure on managers focused on providing more bespoke — and more expensive — face-to-face advice.
“The UK advice industry has historically been very fragmented but the costs of doing business have risen as the regulatory environment has evolved,” said Tilney Bestinvest’s Mr Hollands.
Daan Knottenbelt, a partner at Palamon, said the firm was not withdrawing from investing in financial services.
“Post the financial crisis, the regulatory framework has changed,” Mr Knottenbelt said. “And that puts pressure on traditional players and opens opportunities for new approaches. For a private equity firm like ourselves that is a hugely interesting dynamic to invest into.”|
|There was an interesting article a couple of months ago regarding consolidation among wealth managers and the prices being paid to acquire AUM. Can't find it again though! But this talies with Polygon's interest here...|
|Nice long term (5 year) investment management contract win announced today, although no values given.|