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Webb Capital PLC (WCAP)

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Tuesday 08 November, 2011

Webb Capital PLC

Acquisition of Rivington Street Corporate Finance

RNS Number : 6810R
Webb Capital PLC
08 November 2011
 



                                                                                   

For Immediate Release 

8 November 2011

 

Webb Capital PLC

("Webb Capital" or "the Company")

Acquisition of Rivington Street Corporate Finance Limited

 

The board of Webb Capital PLC is pleased to announce that it has signed Heads of Terms with Rivington Street Holdings Plc for the acquisition of its corporate finance and broking subsidiary, Rivington Street Corporate Finance Ltd (RSCF).

The transaction is conditional upon regulatory approval from the FSA and the completion of our due diligence.  Peter Webb will become CEO of RSCF upon completion of the transaction.

Webb Capital is offering Rivington Street Holdings Plc a mix of shares, cash and a deferred consideration. Following the transaction it is envisaged that Rivington Street Holdings Plc will own 9.99% of Webb Capital.

Peter Webb, Chief Executive, Webb Capital said:

"This is an excellent opportunity to acquire a company which  is prospering in difficult markets. This business is the largest PLUS advisor and a fast growing AIM broker. I know that we can accelerate that growth and am very excited about its prospects going forward. I look forward to working with the very talented team at RSCF."

RSH Director Tom Winnifrith commented:

"I have known Peter Webb for many years. He shares our principles of value investing and of core business ethics. We believe that RSCF and its team will flourish as part of Peter's operation and will be enthusiastically supporting its endeavours, as a passive minority shareholder"

 

The Directors of the Issuer accept responsibility for this announcement.

 

Webb Capital PLC

 

For further information, please contact:

Peter Webb - CEO                                 Tel: 0207 634 9510

www.webbcapital.com 

 

Daniel Stewart & Company plc

Paul Shackleton/Noelle Greenaway         Tel: 020 7776 6550

Martin Lampshire, Head of Broking

 

Media Enquiries

Buchannan Communications 

Tim Anderson, Lisa Baderoon                 Tel: 0207 466 5000


This information is provided by RNS
The company news service from the London Stock Exchange
 
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