European Wealth Group Limited Acquisition Update (5744Q)

TIDMEWG

RNS Number : 5744Q

European Wealth Group Limited

07 June 2018

7 June 2018

European Wealth Group Limited

("EWG", the "Company" or the "Group")

Acquisition Update

European Wealth Group, the integrated wealth management group, today provides a further update on its proposed acquisition of Newbridge Corporation ("Newbridge").

As announced on 23 May 2018, the US regulator, FINRA, approved Newbridge's request for a change of ownership. As a result, EWG began the final stages of commercial due diligence on Newbridge to assess whether the remaining (non-regulatory) closing conditions could be fulfilled to the Board of EWG's satisfaction.

EWG and Newbridge have not been able to come to an agreement on these conditions and have mutually decided not to proceed with the proposed acquisition. Newbridge has informed FINRA that the transaction has been officially terminated.

Marianne Ismail, CEO, EWG, commented: "While we have decided not to proceed with the acquisition of Newbridge, we remain committed to our strategy and are ambitious to grow both organically and dynamically by acquisition in the US and Europe.

"Since my appointment in September, we have conducted an extensive strategic review of the operating businesses and put in place a significant number of positive measures to position the Group for growth, to markedly reduce operating costs and to grow AUM and recurring fee income.

"As a result of the recent fundraising the Group is debt free and well-positioned to take advantage of the long-term growth opportunities present in the global wealth management and financial planning market."

For further details, please contact:

 
 European Wealth Group 
  Limited                    [phone] 
 Marianne Ismail 
 Hugo Evans 
 
   finnCap Ltd (Nomad 
   and Broker)                 [phone] 
 Adrian Hargrave 
 Scott Mathieson 
 
   Redleaf Communications      [phone]; [e-mail] 
   (for media) 
 Robin Tozer 
 

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June 07, 2018 02:00 ET (06:00 GMT)