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WH Ireland Group PLC’s share price more than doubled on Wednesday, as it said proxy votes indicate that a vote on the sale of its wealth management business will fail. The London-based wealth-management firm will hold a general meeting on Thursday to vote on the disposal of the wealth management business and the delisting of the firm’s shares from trading on the AIM market. Last month, WH Ireland said it struck a deal with Oberon Investments Ltd for the sale of its wealth management business for £1 million cash. Oberon Investments Ltd is the investment management division of the London-based investment management, wealth planning and corporate broking group, Oberon Investments Group PLC. At the time, WH Ireland said its wealth management business continues to make losses, despite the implementation of further cost-saving measures, with it requiring ‘substantial investment’ to reach sustainable profitability. It added that a capital raise to fund investment would be ‘highly dilutive’, with the transaction representing ‘the best available outcome for stakeholders.’ On its AIM listing, it noted in September that upon review, ‘given the significant costs involved, there is insufficient benefit in maintaining the admission.’ On Wednesday, WH Ireland said that proxy votes filed indicate that the resolutions will fail, but noted that the actual outcome of the general meeting will not be known until it has been held. Shares in WH Ireland more than doubled to 1.02 pence in London on Wednesday morning, up from 0.40p at yesterday’s close. Shares in Oberon Investments were down 2.4% at 4.00p on London’s Aquis Exchange. Earlier on Wednesday, Sky News reported that shareholders accounting for more than half of WH Ireland’s stock will vote against the sale. The shareholders include Hugh Osmond, who holds a 9.9% stake. ‘The directors have paid themselves huge bonuses while rinsing shareholders for every penny,’ he said to Sky News. ‘After running the business utterly incompetently for years, they crowned their achievements by agreeing to sell the only remaining valuable part of the business for nothing. Shareholders deserve better.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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