22 July 2024
KINGSWOOD
HOLDINGS LIMITED
("Kingswood", the "Company" or the "Group")
Related
Party Transaction
Kingswood Holdings Limited (AIM:
KWG), the international, fully integrated wealth and investment
management group, announces that Kingswood Capital
Partners, LLC, a wholly-owned subsidiary of Kingswood US, LLC
("KUS"), which is 50.1%
owned by Kingswood, has entered into a Foreign Finders Agreement
("FFA") with KPI (Nominees)
Limited ("KPI").
Pursuant to the FFA, for each referral made by
KPI to KUS, a proportion of the fees generated by that introduction
will be payable by KUS to KPI. The quantum of that fee is agreed by
KUS and KPI on each introduction, but such fees are only
payable by KUS to KPI upon success, when income is earned by
KUS. The FFA caps referral fees payable by KUS to KPI at $5m
per annum and renews automatically each year, unless terminated by
either party.
Gary Wilder and Jonathan Massing,
who are Non-Executive Directors of Kingswood, are the beneficial
owners of KPI which is also a substantial shareholder of
Kingswood. Accordingly, entering into the
FFA constitutes a related party transaction under Rule 13 of the
AIM Rules for Companies.
As such,
the Directors of the Company (excluding Gary Wilder and Jonathan
Massing) consider, having consulted with Cavendish Capital
Markets Limited, the Company's Nominated Adviser, that the terms of
the FFA are fair and reasonable insofar as the Company's
shareholders are concerned.
For
further details, please contact:
|
Kingswood Holdings Limited
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+44 (0)20 7293 0730
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Lucy
Whitehead
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www.kingswood-group.com
|
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Cavendish
Capital Markets
Limited (Nomad & Broker)
Marc Milmo / Abigail
Kelly
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+44 (0)20 7220 0500
|
|
GreenTarget (for Kingswood
media)
Jamie Brownlee /
Ellie Basle
|
+44 (0)20 7324 5498
Jamie.Brownlee@greentarget.co.uk
|
|
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About Kingswood
Kingswood Holdings
Limited (trading as Kingswood) is an AIM-listed (AIM: KWG)
international fully integrated wealth management group. It services
circa 20k clients from a growing network of offices across the UK
with overseas offices in US, Ireland and South Africa.
Kingswood offers a range of trusted
investment solutions to its clients, which range from private
individuals to some of the UK's largest universities and
institutions, including investment advice and management, personal
and company pensions and wealth planning. Kingswood is focused on
building on its position as a leading player in the wealth and
investment management market through targeted acquisitions,
creating a global business through strategic
partnerships.