AFH Financial Group Plc Acquisition of Davisons Financial Management (2378V)
2015年8月6日 - 3:00PM
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RNS Number : 2378V
AFH Financial Group Plc
06 August 2015
6 August 2015
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF DAVISONS FINANCIAL MANAGEMENT LIMITED
The Board of AFH, a leading financial planning led investment
management firm, is pleased to announce the acquisition of Davisons
Financial Management Limited ("DFM") an IFA based in Devon. The
advisers of DFM joined AFH on completion of the acquisition.
DFM is the financial planning division of Davisons Chartered
Accountants ("DCA"), a rapidly expanding practice in Devon and will
continue as a trading style of AFH. The DCA accountancy practice
will continue to act as an introducer.
Under the terms of the acquisition, the maximum consideration
payable by AFH is GBP2,856,000 based on the profitability of DFM
over the next 24 months.
The consideration for the acquisition is to be satisfied through
a combination of cash and the issue of new ordinary shares in AFH
(the "Consideration Shares") over a 24 month earn out period. The
initial consideration has been satisfied by a cash payment upon
completion of GBP1,071,000, funded from the Company's existing cash
resources, together with the issue of 71,915 Consideration Shares
at a price of 146p (the "Initial Consideration Shares"), being the
average mid-market price of AFH's ordinary shares during the 5
business days prior to completion.
Further deferred consideration of up to GBP1.68 million will be
payable, of which no more than GBP945,000 will be settled in cash
with the balance to be settled through the issue of Consideration
Shares. These are to be issued at the average mid-market price of
AFH's ordinary shares during the 5 business days prior to each
payment date over the next 27 months in two tranches and dependent
upon set performance criteria of DFM over the period. The
Consideration Shares will subject to a 36 month lock-in from the
date of issue.
The acquisition of DFM is the thirteenth acquisition by AFH
since the Company listed on AIM in June 2014.
Application has been made for the admission of the Initial
Consideration Shares to trading on AIM ("Admission"). The 71,915
Initial Consideration Shares will rank pari passu in all respects
with the existing ordinary shares of the Company. The Initial
Consideration Shares are expected to be admitted to trading on AIM
on 11 August 2015.
Following the issue of the Initial Consideration Shares, the
issued share capital of the Company will comprise of 20,105,819
ordinary shares of 10 pence, each with one voting right. The
Company does not hold any ordinary shares in treasury. Therefore
the total number of ordinary shares and voting rights in the
Company is 20,105,819.
Following Admission, the above figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or change to their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"I am pleased to welcome current Managing Director of DFM, John
Wright and his team to AFH and look forward to developing the
existing relationship with DCA to drive the expansion of AFH in the
South West region. The structure of this deal, which enables the
vendors to participate in any future uplift in revenue and
profitability through the issue of the Consideration Shares and
will be held for a minimum period of three years, reflects their
belief that the sector has significant potential and that our
business model is value enhancing."
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Allenby Capital Limited 020 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Chris Crawford
Nick Athanas
Yellow Jersey PR Limited 07768 537 739
Dominic Barretto
Kelsey Traynor
This information is provided by RNS
The company news service from the London Stock Exchange
END
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