W.H. Ireland Group PLC Update on Isle of Man Office (2864R)
29 Junio 2020 - 1:00AM
UK Regulatory
TIDMWHI
RNS Number : 2864R
W.H. Ireland Group PLC
29 June 2020
WH Ireland Group Plc
("WH Ireland" or the "Company"
and with its subsidiaries the "Group")
Update on Isle of Man Office
WH Ireland confirms today that it has executed a conditional
agreement with Ravenscroft Holdings Limited ("Ravenscroft") to
dispose of its Isle of Man subsidiary, WH Ireland (IOM) Limited
(the "IOM Subsidiary"). WH Ireland also intends to enter into a
collaboration agreement with Ravenscroft. This collaboration
agreement will enable WH Ireland's continuing wealth management
business to offer solutions to clients in international
jurisdictions.
Phillip Wale, WH Ireland Chief Executive, said :
"We are pleased to announce this next step in streamlining WH
Ireland's wealth management operations into a smaller number of
integrated, larger locations focused on delivering a high quality
service to our private clients.
The disposal of the Isle of Man subsidiary will continue this
process whilst freeing up capital and management resources to focus
on and invest in growing the core wealth management business and
returning it to profitability. "
Details of the Agreement
The IOM Subsidiary holds the business and largely institutional
assets of the Group's Isle of Man wealth management office. Started
as a new venture in 2014, the office now provides investment
management services to a diverse international client base and
contributes approximately GBP1.2m of annual revenue to the Group
(IOM audited accounts, 31 March 2019). The Assets Under Management
of this office were GBP337m (IOM audited accounts March 2019) and
are GBP353m as at 25 June 2020 (unaudited). The business has six
full time employees (including two executive directors) and two
non-executive directors.
Ravenscroft is an independently owned investment services group
listed on The International Stock Exchange with offices in
Guernsey, Jersey and the UK. Ravenscroft employs more than 100
people across these jurisdictions and has GBP7.45bn of assets under
administration (audited accounts, 31 December 2019) with revenue of
more than GBP27.85m (audited accounts, 31 December 2019). The
Ravenscroft group services both private and institutional
clients.
The consideration payable under the agreement to WH Ireland for
the IOM Subsidiary is a cash payment of GBP250,000 and a deferred
payment of up to GBP412,500. The deferred payment will be
determined by reference to the ongoing trading of the office after
completion. Just prior to completion, the Company will also receive
repayment in full of the intra-group subordinated loan it provided
to the IOM, of GBP985,000 and a further intercompany loan repayment
of GBP160,000.
The conditional disposal is progressing with the full support of
the directors of the Isle of Man Office. Completion of the
transaction is conditional on, inter alia, the receipt of all
necessary regulatory approvals from the Isle of Man Financial
Services Authority.
Further updates will be provided in due course.
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Phillip Wale, CEO +44(0) 20 7220 1666
SPARK Advisory Partners Limited
Andrew Emmott +44(0) 203 368 3555
MHP Communications
Reg Hoare +44 (0) 2013 128 8793
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END
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