Acquisition of business

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 £2m 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: [phone]

Anthony Hotson, Chief Executive Officer

SPARK Advisory Partners Limited                                                                     Tel: [phone]

Matt Davis, Nominated Adviser

Whitman Howard Limited                                                                                  Tel: [phone]

Nick Lovering, Broker

Buchanan Communications                                                                               Tel: [phone]

Augustine Chipungu, PR Adviser

 

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