W.H. Ireland Group PLC Completion of Sale of the Capital Markets Division

RNS Number : 3077W

W.H. Ireland Group PLC

15 July 2024

 

This announcement contains certain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

WH Ireland Group Plc

 

("WH Ireland" or the "Company"

and with its subsidiaries the "Group")

Completion of Sale of the Capital Markets Division

Further to the Company's announcement of 3 June 2024, WH Ireland (AIM: WHI) is pleased to confirm that the sale by its wholly owned subsidiary, WH Ireland Limited of the business and certain assets of its Capital Markets Division to Zeus Capital Limited has now completed ("Completion").  

Commenting Phillip Wale, CEO said "This transaction secures an outcome which the Directors believe is beneficial in respect of the overall strategy of the Group".

As stated in the announcement of 3 June 2024, the sale of the Capital Markets Division will 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.

Information for Nominated Adviser Clients of WH Ireland Capital Markets

With effect from this morning, the majority of WH Ireland's clients have 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.

For further information please contact:

WH Ireland Group plc	www.whirelandplc.com
Phillip Wale, Chief Executive Officer	[phone]
Canaccord Genuity Limited	www.canaccordgenuity.com
Emma Gabriel / Harry Rees	[phone]
MHP	[e-mail]
Reg Hoare / Charles Hirst	[phone]

 

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