Further to the announcement of 6 May 2014, the directors of the Group has announced that the acquisition of all shares in European Wealth Management Group not already owned by the Group has been completed.

Dealings on AIM in the Group’s ordinary shares of 5p, and in its unsecured convertible loan stock, will commence at 8.00am this morning. The trading symbol for the Group’s Ordinary Shares remains EWG and the Group’s ISIN code is GG00BKY4K072; the trading symbol and ISIN code for the Group’s CLS is EWGL and GG00BKY4JY43 respectively.

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Highlights

  • EWG has successfully acquired all of the issued shares not already owned by it in European Wealth, a fast growing private wealth management business.
  • The Group has funds under management or influence of approximately GBP710 million and a market capitalisation of approximately GBP16.6 million (based on the closing mid price on 6 May 2014).
  • The share capital reorganisation has been completed with one Ordinary Share being issued for every 60 ordinary shares previously in issue.
  • The total number of Ordinary Shares each in issue at Admission is 13,172,915 and the total amount of CLS in issue at Admission is GBP5,750,390. The fully diluted share capital (assuming conversion of all the CLS and the options) would be 22,512,303 Ordinary Shares.
  • Following the approval of the resolutions at yesterday’s general meeting, the Guernsey registrar of companies has approved the Group’s change of name to European Wealth Group Limited.
  • Daniel Stewart & Company plc acted as Nominated Adviser and Broker to EWG.

John Morton, executive chairman, European Wealth Group, said: "We are delighted to have completed the transaction. As a business, European Wealth was conceived, structured and developed in a post RDR landscape and as a consequence has been able to experience significant growth, with a four fold increase in funds under management and influence over the last two years. The improved access to capital markets that the AIM listing now brings will certainly help maintain that momentum.

"We envisage an important part of our growth continuing to come organically as a result of the service-centric approach we bring to clients and staff. We also look forward to further acquisitive growth through the successfully integration into the Group of small and medium sized wealth management and financial planning firms that are being unduly impacted by RDR and the increased regulatory and compliance requirements being placed upon them."

Board Changes

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As stated in the admission document published on 16 April 2014, Roger Parry has retired from the board, Buzz West has joined the Board as a non-executive director alongside Kish Gopaul and Paul Everitt with Rod Gentry as an executive director and John Morton as the Executive Chairman.

Tim Revill has yet to receive FCA approval and has agreed to step down from the Board on a temporary basis until the necessary approval is received.