Cenkos Securities PLC Acquisition of business (3917W)
August 01 2018 - 2:00AM
UK Regulatory
TIDMCNKS
RNS Number : 3917W
Cenkos Securities PLC
01 August 2018
1 August 2018
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Cenkos Securities plc
("Cenkos" or the "Company")
Acquisition of business
Cenkos Securities plc (AIM:CNKS) is pleased to announce that it
has entered into an agreement for the acquisition of the Nominated
Adviser and Corporate Broker business of Smith & Williamson
(the "Business"). Under the terms of the agreement, Cenkos has
agreed to pay Smith & Williamson deferred consideration equal
to 20% of all corporate finance fees earned by the Business from
existing clients transferring to Cenkos during the 12 months
following completion. The agreement contains a cap on deferred
consideration of GBP2m though in reality the level of deferred
consideration is expected to be significantly below that.
The transaction is expected to complete by November 2018,
following the undertaking of due diligence on existing clients of
the Business which may transfer as part of the transaction. As a
result of the acquisition, a team of 6 will join Cenkos' Corporate
Finance department with effect from completion of the
transaction.
For further information, please contact:
Cenkos Securities plc Tel: 0207 397 8900
Anthony Hotson, Chief Executive Officer
SPARK Advisory Partners Limited Tel: 0203 368 3552
Matt Davis, Nominated Adviser
Whitman Howard Limited Tel: 0207 659 1224
Nick Lovering, Broker
Buchanan Communications Tel: 0207 466 5052
Augustine Chipungu, PR Adviser
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contact rns@lseg.com or visit www.rns.com.
END
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