AFH Financial Group Plc ACQUISITION OF THE ASSETS OF MERITOR LIMITED (6437O)
2018年5月21日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 6437O
AFH Financial Group Plc
21 May 2018
21 May 2018
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
ACQUISITION OF THE ASSETS OF MERITOR LIMITED
The Board of AFH, a leading financial planning led wealth
management firm, is pleased to announce the completion of the
acquisition of the client portfolios of Meritor, the financial
advisory business of Freeths LLP, a national legal practice.
Under the terms of the acquisition, the maximum purchase price
is GBP0.53m dependent upon performance criteria of the assets
acquired. The transaction is expected to add approximately
GBP330,000 of annual recurring revenue.
The initial consideration for the acquisition is GBP330,000 in
cash, funded from the Company's existing cash resources. Further
deferred consideration will be payable in cash over the next 14
months, subject to performance criteria of the assets acquired
being achieved.
Commenting, Alan Hudson, Chief Executive of AFH, said:
"This latest acquisition will continue the expansion of our
national distribution in our core mass affluent and high net worth
client base. The acquisition of the assets of Meritor provides a
pathway to work with Freeths in the future to provide their clients
with access to the AFH advice and asset management model and gain
advantage from the scale that AFH provides.
We are aware of a number of similar businesses linked to legal
and audit practices that are deemed non-core to those
organisations. We believe that the mutual benefits of this
transaction will demonstrate the commercial advantages to similar
organisations and their clients in the future"
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum (Nominated Adviser and Broker) 020 3100 2000
John Fishley/Richard Bootle
This announcement is released by AFH Financial Group plc and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Paul Wright, Chief Financial Officer.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 21, 2018 02:00 ET (06:00 GMT)
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