31st Dec 2020 11:48
(Alliance News) - Kingswood Holdings Ltd on Thursday issued GBP20 million in convertible preference shares to Pollen Street Capital Ltd under the terms of its share subscription agreement with Pollen Street subsidiary HSQ Investment Ltd.
The London-based wealth management business first announced the agreement in September, with the new convertible preference shares representing the tenth tranche of the subscription agreement, bringing the total equity issued under the subscription facility to GBP45 million of the GBP80 million convertible preference share programme.
This has resulted in London-based investment company Pollen Street now holding 44.8 million preference shares at a price of GBP1 per share, and will see the new cash used to accelerate Kingswood's growth strategy and acquisitions.
Group Chief Executive Gary Wilder said: "We are evaluating a number of potential acquisition opportunities with a clear and executable pipeline across the UK, in addition to the growth opportunities available to us in the US largely through active recruitment and organic growth. We have a strong and dynamic leadership team with large firm financial services experience and successful track records which combined with our strong risk and compliance culture places us in a unique position to effectively execute our strategy".
Shares in Kingswood were up 1.4% at 27.38 pence in London on Thursday.
By Zoe Wickens; [email protected]
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