European Wealth Group Limited Acquisition Update (5744Q)
07 June 2018 - 4:00PM
UK Regulatory
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 +44 (0)20 7623 2368
Marianne Ismail
Hugo Evans
finnCap Ltd (Nomad
and Broker) +44 (0)20 7220 0500
Adrian Hargrave
Scott Mathieson
Redleaf Communications +44 (0)20 3757 6865; ewg@redleafpr.com
(for media)
Robin Tozer
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQMMGGVGVDGRZZ
(END) Dow Jones Newswires
June 07, 2018 02:00 ET (06:00 GMT)
European W. (LSE:EWG)
Historical Stock Chart
From Apr 2024 to May 2024
European W. (LSE:EWG)
Historical Stock Chart
From May 2023 to May 2024