Deferred consideration payment for Sterling Trust

RNS Number : 0972O

Kingswood Holdings Limited

05 October 2021

 

5th October 2021

 Deferred consideration payment for Sterling Trust

Settlement of first deferred consideration payment regarding Sterling Trust Independent Financial Advisers business and assets acquired in June 2020

Kingswood Holdings Limited (AIM: KWG), the international fully integrated wealth and investment management group, is pleased to announce that it has made the first deferred consideration payment in the amount of 5.275m relating to the acquisition of Sterling Trust, as announced on 25^th June 2020.

A portion of the cash proceeds from the issue of new convertible preference shares on 31 December 2020 have been used to make this deferred consideration payment.

The convertible preference shares were issued under the terms of the Company's 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 total number of irredeemable convertible preference shares held by Pollen Street remains 44,828,443 shares (at an issue price of 1 each).

ENDS

For further details, please contact:

Kingswood Holdings Limited	[phone]
Gary Wilder / David Lawrence	www.kingswood-group.com
Peel Hunt LLP (Nomad and Broker)	[phone]
James Britton / Rishi Shah
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 8,000 active clients and £6.2bn of Assets under Advice and Management. It has a growing network of offices in the UK including Abingdon, Beverley, Darlington, Derby, 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 the 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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