25th Jul 2014 09:10
LONDON (Alliance News) - European Wealth Group Ltd Friday said that it has paid GBP86,966 to Peter Mullins under the agreement for the acquisition of Bradley Stuart in 2012.
In a statement, the wealth management business holding company said that Mullins was to receive up to GBP2.3 million and 12% of turnover up to October 18 under the Bradley Stuart deal. The fourth and final payment is due by the end of this year.
European Wealth is paying Mullins by issuing 43,488 new shares at 100 pence each and GBP43,488 in cash. Up to GBP1.4 million is still payable to Mullins. European Wealth said that it can pay any outstanding amount in cash, new shares or convertible loan stock.
European Wealth shares were Friday quoted down 4.0% at 97.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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