W.h. Ireland Investors - WHI

W.h. Ireland Investors - WHI

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Stock Name Stock Symbol Market Stock Type
W.h. Ireland Group Plc WHI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 36.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
36.00 36.00 36.00 36.00 36.00
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gargoyle2: Simon Thompson (IC): There has been some important newsflow from Aim-traded shares in WH Ireland (WHI:107p), a corporate brokerage and private client wealth manager. Firstly, 21.86 per cent shareholder Kuwaiti European Holding has exited. Its holding of 6.52m shares has been effectively acquired by existing shareholders Oceanwood Capital Management and Polygon Global Partners, and new shareholder M&G Investments. The three institutions are also backing a £2m placing of new shares at 100p to increase WH Ireland’s core tier 1 capital ratio (11.2 per cent at end of March 2018) and ensure the company has adequate resources in place to comply with the FCA’s capital adequacy requirements. The fundraising bolsters pro-forma net funds to almost £9.5m, and is subject to shareholder approval at a general meeting on 10 October. Their backing is significant as it comes after WH Ireland posted a thumping £2m operating loss in the last four months of the 16-month reporting period to end-March 2018 (new financial year-end) due to the resolution of legacy issues as part of a major restructuring of its private wealth management arm. I certainly wasn’t anticipating that, nor was the market. I wasn’t expecting chief executive Richard Killingbeck to depart either. He is being replaced by former Panmure Gordon boss Phillip Wale. WH Ireland had previously reported an underlying operating profit of £423,000 on revenue of £28.5m in the 12 months to end November 2017. The company incurred around £2.5m of restructuring costs in the 16 months to end-March 2018 with the aim of generating £2m-worth of cost savings in the current financial year by targeting a greater proportion of higher-margin discretionary (accounting for more than two-fifths of assets under management of £2.56bn) and fee-paying execution-only mandates (a third of the total). Clearly, Oceanwood, Polygon and M&G are taking the view that with the restructuring now complete, trading conditions more benign since the start of April and monthly fee income of £1.3m equating to 55 per cent of overall revenue, WH Ireland is finally in a position to capitalise on the hefty investment it has made in its platforms and IT infrastructure and create a scalable business. Understandably, other investors have had concerns with the management changes and the hefty loss reported, which is why the shares are down by around 7 per cent since I last covered the company ('Running gains’, 21 May 2018). However, M&G Capital’s emergence on the share register with a 14.2 per cent stake is very interesting at this stage and is clearly a vote of confidence in the business. The fund manager wouldn't have taken such a large new position without having a degree of confidence that WH Ireland has turned the corner. We will have to await the half-year trading update from the company to ascertain whether that is the case. So, having first advised buying WH Ireland's shares at 68p ('Broking for success', 1 August 2011), it makes sense to continue to hold on to your shares. Hold.
gargoyle2: Another placing. What a shambles. At least they wouldn't have had to do much work on the placing announcement, it's almost a word for word copy from the 23 January placing announcement. On a more positive note though, good to see Polygon and Oceanwood staying committed, although they probably have little choice at this point. M&G is a welcome new investor.
tromso1: More to come? "potentially as the precursor to a full takeover of the London-listed firm." Http://news.sky.com/story/kuwaiti-investors-pounce-on-venerable-city-broker-wh-ireland-10581918 A chance to get in 10% cheaper than the 140 paid by the Kuwaitis yesterday.
mctmct: 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.
courant: hxxp://news.sky.com/story/kuwaiti-investors-pounce-on-venerable-city-broker-wh-ireland-10581918 Should be exciting on Monday!
meijiman: Yes very good advice to your sons. I think the issue here is that this man is 78 years old. I've never subscribed to a risk averse policy for aging investors ie out of equities into fixed income. But in this case he should have been put into larger cap/high yield equities. He may well have filled in a form giving WHI carte blanche to invest on his behalf but the manager should have taken some view of his age/needs.
paleje: Small observation this morning's Citywire 'Shares the pro's are buying':- Hedge fund managers build big WH Ireland stake Renowned hedge fund investors Reade Griffith and Christopher Gate have both upped their stakes in WH Ireland (WHI) to a combined 24% of the company’s shares. Griffith upped his stake to 13.5% of the business worth £3.9 million at a share price of 118p, while Gate increased his holding to 10.8% worth £3.1 million. The moves follows last week’s news that prominent Conservative party donor Sir Theodore Agnew has disposed of his entire 3.6% stake for £1.1 million. Listed wealth managers have provided rich pickings for hedge fund investors with Griffith profiting from a 29% position in Ashcourt Rowan ahead of its £120 million sale to Towry last March. Reade and Gate have made their names investing in turnaround companies and WH Ireland has been through a period of significant change, restructuring the business and rationalising its branch network.
sharesoc: We are holding one of our popular Investor Masterclasses in Manchester so local investors and shareholders in WHI may be interested in attending as WHI is based nearby our venue... hTTp://www.sharesoc.org/manchester-masterclass.html
paleje: Yep cheers that worked. There was a piece in the FT this morning about proposed changes in the way brokers are allowed to charge, the short of it being small brokers could have a tough time, scale will be important, it lends weight to the corporate activity theory. ....Charges for trading shares are bundled with the cost of broker research for fund managers. The FCA wants to separate these payments to reduce conflicts of interest, clarify the costs being incurred and ensure investors get a better deal. Martin Wheatley, chief executive of the FCA, said earlier this month that bundling "reduces transparency and created a link between research spend and trading volume, without a clear assessment of the value this offers to investors". The proposed reforms have triggered warnings that London's competitiveness as a financial centre could be put at risk by the changes, squeezing the profits of smaller asset managers and putting some small brokers out of business. Robert Talbut, chief investment officer at Royal London Asset Management, said: "You need to implement this reform on a global and consistent basis otherwise it would make asset managers in London less competitive relative to New York or Singapore." The chief executive of a boutique investment bank said: "This could be the end of the small and mid-cap brokers – not in the next six months but perhaps over three years.".....
hgr: Nice write up in the investors chronicle: http://www.investorschronicle.co.uk/2014/07/21/comment/simon-thompson/broking-for-bumper-profits-OBNsS21mnqKsFikv0BRtyJ/article.html Should see the share price heading north
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