W.H. Ireland Group PLC Completion of Sale of the Capital Markets Division
July 15 2024 - 2:00AM
RNS Regulatory News
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:
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END
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