Kingswood
Holdings Limited
("Kingswood", the "Company" or the
"Group")
Additional Debt Facility
Update to
Assets under Management & Advice
Further to the announcements of 7
May 2024 and 16 February 2024, Kingswood Holdings Limited
(AIM:KWG), the international, vertically integrated wealth and
investment management group, announces an additional £6.0m debt
facility (the "Facility Agreement") to provide the Company with the
capital required in the short term to satisfy upcoming deferred
payment obligations on previous acquisitions undertaken by the
Company. The headline terms of the Facility Agreement
are:
- £6.0m
facility;
- Repayment date of
earlier of 29 October 2030 or date of an exit or partial exit;
and
- Interest rate of 12%,
paid at maturity.
Kingswood is entering into an
additional Facility Agreement with an affiliate of HSQ INVESTMENT
LIMITED. Lindsey McMurray and Duncan Gerard are Non-Executive
Directors of the Company and employees of Pollen Street Capital
Limited ("Pollen Street") an affiliate of HSQ INVESTMENTS LIMITED.
Accordingly, entering into the Facility Agreement constitutes a
related party transaction under Rule 13 of the AIM Rules for
Companies.
As such, the Directors of the
Company (other than Lindsey McMurray and Duncan Gerard) consider,
having consulted with Cavendish Capital Market Limited, the
Company's Nominated Adviser, that the terms of the Facility
Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
Update on Assets under Management/Advice
The first six months of the current
financial year has seen an increase in AuM/A across UK &
Ireland. As at 30 June 2024, total AuM/A for the UK & Ireland
was approximately £9.8bn (31 December 2023: £9.4bn). The period saw
outflows in the Company's Assets under Advice in the UK following
the departure of some wealth advisors but the Company benefited
from positive market performance and an increase in AuA in Ireland,
which includes the acquisition of Baseplan in February 2024, such
that the Company's UK&I AuA at 30 June 2024 was approximately
£6.0bn (31 December 2023: £5.9bn). UK&I Assets under management
at 30 June 2024 was approximately £3.7bn (31 December 2023:
£3.5bn)
US AuA at 30 June 2024 was
$3.9bn.
The Company expects to report its
interim results for the period to 30 June 2024 in late September
2024.
ENDS
For further details, please
contact:
Kingswood
Holdings Limited
|
+44 (0)20
7293 0730
|
Lucy Whitehead
|
www.kingswood-group.com
|
Cavendish
Capital Markets Limited (Nomad &
Broker)
|
+44 (0)20
7220 0500
|
Marc Milmo / Abigail Kelly
|
|
GreenTarget (for
Kingswood media)
Jamie Brownlee / Ellie Basle
|
+44 (0)20
7324 5498
Jamie.Brownlee@greentarget.co.uk
|
About Kingswood
Kingswood Holdings
Limited (trading as Kingswood) is an AIM-listed (AIM: KWG)
international fully integrated wealth management group with
circa £12 billion of assets under advice and management.
It services circa 19k clients from a growing network of offices
across the UK with overseas offices in Ireland, South
Africa and the US.
Kingswood offers a range of trusted
investment solutions to its clients, which range from private
individuals to some of the UK's largest universities and
institutions, including investment advice and management, personal
and company pensions and wealth planning. Kingswood is focused on
building on its position as a leading player in the wealth and
investment management market through targeted acquisitions,
creating a global business through strategic
partnerships.
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (596/2014/EU) as it
forms part of UK domestic law by virtue of the European Union
(withdrawal) act 2018 ("MAR").