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Brewin Dolphin Hldgs (BRW)

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Tuesday 30 November, 1999

Brewin Dolphin Hldgs

£12m Acquisition of Private Client Stockbrokers

Brewin Dolphin Holdings PLC
30 November 1999


  Not for distribution or release in or into the United
                         States,
               Canada, Japan or Australia


Brewin Dolphin Holdings plc - £12 million acquisition of
   private client stockbroking business and placing of
                     ordinary shares

The   Board  of  Brewin  Dolphin  Holdings  plc  ('Brewin
Dolphin')  is  pleased to announce that the  company  has
exchanged contracts with Williams de Broe Plc,  a  member
of  the ING Group, to acquire a part of its London  based
private  client stockbroking business, which in the  year
ended  31  December 1998 generated turnover of some  £3.2
million.  11 fund managers and 5 other staff have  agreed
to   join   Brewin   Dolphin.   They   have   operational
responsibility for funds under management  of  some  £400
million,  the  majority  of which are  discretionary,  to
which  the  agreement with Williams de Broe relates.   No
material tangible assets are being purchased.

The  total initial acquisition cost will be approximately
£12 million, payable to Williams de Broe plc and the fund
management  team.   It  is  intended  that  the   initial
acquisition cost will be largely funded by a  placing  of
up to 1.56 million new ordinary shares for cash, arranged
by  Brewin Dolphin's brokers, HSBC, to raise up to  £11.4
million,   and   HSBC  have  agreed  to  use   reasonable
endeavours  to  procure placees  for  such  shares.   The
balance  of the consideration to be funded out of  Brewin
Dolphin's   existing  cash  resources.    An   additional
deferred consideration of up to £3 million is payable  to
the  fund  management team on the achievement of  certain
profit   related  targets.   Brewin  Dolphin  anticipates
satisfying  this deferred consideration by the  issue  of
new  ordinary shares but, at its election, can choose  to
pay  cash.   If  it  elects to issue ordinary  shares  in
settling the deferred consideration, which is payable  in
2002,  the  number  of  shares  to  be  issued  will   be
determined  by  the market price at the  time  of  issue,
subject to a minimum of £5 per ordinary share.

The  fund  managers  and employees of  Williams  de Broe
joining Brewin Dolphin will acquire some 180,000 existing
Brewin  Dolphin  ordinary shares, with a  current  market
value  of approximately £1.3 million; they will agree  to
retain these shares for a period of 3 years.

The  acquisition continues Brewin Dolphin's  strategy  of
growing  its  core  private client stockbroking  business
organically   and  through  acquisition.   Clients   will
migrate   onto   Brewin   Dolphin's   systems   following
completion  of  the acquisition, which is anticipated  in
early  January 2000.  The transaction is expected  to  be
earnings  per  share enhancing in the  current  financial
year.

Application  has been made to the London  Stock  Exchange
for  the listing of the new ordinary shares to be  issued
pursuant  to the placing and it is expected that dealings
will  commence  on 7 December 1999.  The  placing  shares
will   rank  pari  passu  in  all  respects  with  Brewin
Dolphin's existing ordinary share capital.  In the  event
that  the  acquisition fails to complete, Brewin  Dolphin
will  use  the proceeds of the placing to fund continuing
organic growth.


Enquiries:

John Hall
Managing Director
Brewin Dolphin Holdings            Tel: 0171 248 4400

Bob Gregory
Bell Pottinger Financial           Tel: 0171 353 9203



HSBC  Investment Bank, which is regulated in  the  United
Kingdom  by the Securities and Futures Authority Limited,
is acting exclusively for Brewin Dolphin Holdings plc and
for  no-one  else in connection with the placing  and  as
sponsor  in connection with the application for admission
to  the official list of the placing shares and will  not
be  responsible  to  anyone  other  than  Brewin  Dolphin
Holdings  plc  for  providing  protections  afforded   to
customers  of  HSBC  Investment Bank  nor  for  providing
advice  in relation to the placing or in relation to  the
contents  of  this  press release or any  transaction  or
arrangement referred to herein.


                                                                

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