Convertible preference share issue

RNS Number : 2036K

Kingswood Holdings Limited

31 December 2020

 

31^st December 2020

KINGSWOOD HOLDINGS LIMITED

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

Convertible preference share issue

Kingswood announces a further £20 million convertible preference share issue to funds managed/and or advised by Pollen Street Capital

Brings total equity issued under subscription facility to £45 million of the £80 million convertible preference share programme.

Funds to be used to further accelerate acquisitive growth strategy

Kingswood Holdings Limited (AIM: KWG) the vertically integrated global wealth management group announces it has issued a further 20,000,000 new convertible preference shares (the "New Convertible Preference Shares"), under the terms of its 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 New Convertible Preference Shares represent the tenth tranche of irredeemable convertible preference shares issued pursuant to the subscription agreement and as such the total number of irredeemable Convertible Preference Shares held by Pollen Street has increased to 44,828,443 shares at an issue price of £1 each.

Gary Wilder, Group CEO at Kingswood commented: "We are thrilled to have Pollen Street's capital support through the convertible preference facility and this new issue further solidifies our balance sheet by an additional £20 million as we accelerate the next stage of our growth journey and puts us in a strong position to deliver our global strategy. We are evaluating a number of potential acquisition opportunities with a clear and executable pipeline across the UK, in addition to the growth opportunities available to us in the US largely through active recruitment and organic growth.

We have a strong and dynamic leadership team with large firm financial services experience and successful track records which combined with our strong risk and compliance culture places us in a unique position to effectively execute our strategy".

Howard Garland, Partner at Pollen Street said: "We continue to believe the wealth management sector offers compelling opportunities for growth. Kingswood has a clear strategy and we are excited to partner with them to deliver these goals. Pollen Street has extensive expertise in the global financial services sector, growing market leading companies organically and through acquisition. We believe our unique experience and skillset coupled with our capital commitment will enable Kingswood to continue to successfully execute their strategy."

For further details, please contact:

Kingswood Holdings Limited 

Gary Wilder / Patrick Goulding

[phone]

www.kingswood-group.com

Peel Hunt LLP (Nomad and Broker)

James Britton / Rishi Shah

[phone]

Greentarget (for Kingswood media)

Jamie Brownlee / Alice Gasson / Ellie Basle 

[phone]

[e-mail]

Stand Agency (for Pollen Street media)

Cait Dacey

[phone]

[e-mail]

 About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group, with around 16,000 active clients and circa 5.6 billion of Assets under Advice and Management. It has a growing network of offices in the UK including Abingdon, Beverley, Darlington, Derby, Egham, 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 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 £1.2bn 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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