Kingswood Holdings Limited Deferred consideration payment for Sterling Trust (0972O)
06 October 2021 - 12:31AM
UK Regulatory
TIDMKWG
RNS Number : 0972O
Kingswood Holdings Limited
05 October 2021
5th October 2021
Deferred consideration payment for Sterling Trust
Settlement of first deferred consideration payment regarding
Sterling Trust Independent Financial Advisers business and assets
acquired in June 2020
Kingswood Holdings Limited (AIM: KWG), the international fully
integrated wealth and investment management group, is pleased to
announce that it has made the first deferred consideration payment
in the amount of GBP5.275m relating to the acquisition of Sterling
Trust, as announced on 25(th) June 2020.
A portion of the cash proceeds from the issue of new convertible
preference shares on 31 December 2020 have been used to make this
deferred consideration payment.
The convertible preference shares were issued under the terms of
the Company's convertible preference share subscription agreement
with HSQ INVESTMENT LIMITED, originally announced on 12 September
2019. HSQ INVESTMENT LIMITED is a wholly owned indirect subsidiary
of funds managed and/or advised by Pollen Street Capital Limited
("Pollen Street").
The total number of irredeemable convertible preference shares
held by Pollen Street remains 44,828,443 shares (at an issue price
of GBP1 each).
ENDS
For further details, please contact:
Kingswood Holdings Limited +44 (0)20 7293 0730
Gary Wilder / David Lawrence www.kingswood-group.com
Peel Hunt LLP (Nomad and Broker) +44 (0)20 7418 8900
James Britton / Rishi Shah
Greentarget (for Kingswood media) +44 (0)20 7324 5498
Jamie Brownlee / Alice Gasson / Jamie.Brownlee@greentarget.co.uk
Ellie Basle
Stand Agency (for Pollen Street media)
Cait Dacey
+44 (0) 7973 596 503
pollenstreet@standagency.com
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an
AIM-listed (AIM: KWG) international fully integrated wealth
management group, with around 8,000 active clients and GBP6.2bn of
Assets under Advice and Management. It has a growing network of
offices in the UK including Abingdon, Beverley, Darlington, Derby,
Grimsby, Hull, Lincoln, London, Maidstone, Newcastle, Sheffield
(2), Worcester and York with offices in Johannesburg, South Africa
and Atlanta, New York and San Diego in 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 becoming a leading player in the wealth and
investment management market through targeted acquisitions in the
UK and US, creating a global business through strategic
partnerships.
About Pollen Street Capital
Pollen Street Capital is an independent alternative asset
investment management company focused on the financial and business
services sectors across both private equity and credit strategies.
The private equity strategy is focused on investing middle market
firms which have the capacity to become leaders in their field
across Europe. Pollen Street have deployed over GBP1.2bn capital
into this strategy over the last 14 years delivering strong returns
for its investors that include leading pension funds, asset
managers, banks and family offices from around the world. Pollen
Street Capital has a team of 70+ professionals with offices in
London and New York.
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END
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