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WH Ireland to acquire Harpsden Wealth Management for £7.8m; raises capital
StockMarketWire.com
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Financial services group WH Ireland said it had agreed to acquire Harpsden Wealth Management for £7.8 million and launched a £5.3 million placing to help fund the deal.
News shares in WH Ireland would be issued in the placing at 40p each.
The acquisition sum included an initial cash payment of £5.3 million and two further contingent payments of £1.25 million each over 24 months.
'The acquisition of Harpsden is in line with our stated strategy of growing the wealth management division through both organic and inorganic growth,' chief executive Phillip Wale said.
'The progress we have made in reorganising our business is evidenced by our return to profitability and we now have a robust operating platform from which to build both businesses.'
At 9:20am: (LON:WHI) W.H. Ireland Group PLC share price was 0p at 41.5p
Story provided by StockMarketWire.com
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