Kingswood Holdings Limited Completion of WFI and Bridge Finance Facility (2454O)

TIDMKWG

RNS Number : 2454O

Kingswood Holdings Limited

01 October 2019

1 October 2019

KINGSWOOD HOLDINGS LIMITED

("KW", "Kingswood", the "Company" or the "Group")

Completion of WFI and Bridge Finance Facility

Kingswood Holdings Limited (AIM: KWG), the integrated wealth management group, is delighted to announce that, further to the announcement dated 4 September 2019, it has completed the acquisition of the business and assets of WFI Financial ("WFI"), an independent regional financial planning business based in Sheffield with offices also in Derby, Lincoln and Grimsby (the "Acquisition").

The Acquisition represents the continuation of the Group's expansion of its national wealth management footprint to the Midlands and the North. The Acquisition will be immediately accretive to the Group.

WFI has 16 financial planners and 17 support staff and manage in excess of GBP550 million AUM/AUA from over 970 family clients. WFI has a very successful track record of profitability and growth through an expanded advisory platform, a Centralised Investment Proposition and a lean operating structure. The Group now has c. 5,500 active clients and AUM/AUA of GBP2.5bn.

Pending the satisfaction of the FCA condition relating to Pollen Street's investment in Convertible Preference Shares, the Company and Pollen Street have elected to fund the Acquisition by way of a six-month GBP3.58 million secured bridge finance facility from Pollen Street, with a 5% rate of interest (prior to any compounding of interest). Pollen Street has the option to capitalise the facility into Convertible Preference Shares if the FCA condition is satisfied within the six month term of the facility.

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as the definitions set out in Appendix II of the announcement dated 12 September 2019.

For further details, please contact:

 
 Kingswood Holdings Limited                                  +44 (0)20 7293 0730 
 Gary Wilder / Patrick Goulding                          www.kingswood-group.com 
 
 finnCap Ltd (Nomad and Broker)                              +44 (0)20 7220 0500 
 Scott Mathieson / Anthony Adams - Corporate 
  Finance 
  Tim Redfern / Richard Chambers - ECM 
 
 Greentarget (PR adviser to Kingswood)                       +44 (0)20 7324 5498 
  Jamie Brownlee / Alice Gasson / Ellie         Jamie.Brownlee@greentarget.co.uk 
  Basle 
 Camarco (PR adviser to Pollen Street)                       +44 (0)20 3757 4984 
  Ed Gascoigne-Pees / Jennifer Renwick           ed.gascoigne-pees@camarco.co.uk

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014

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

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