8th Oct 2025 16:51
(Alliance News) - WH Ireland Group PLC's share price more than doubled on Wednesday, as it said proxy votes indicate that a vote on the sale of its wealth management business will fail.
The London-based wealth-management firm will hold a general meeting on Thursday to vote on the disposal of the wealth management business and the delisting of the firm's shares from trading on the AIM market.
Last month, WH Ireland said it struck a deal with Oberon Investments Ltd for the sale of its wealth management business for GBP1 million cash.
Oberon Investments Ltd is the investment management division of the London-based investment management, wealth planning and corporate broking group, Oberon Investments Group PLC.
At the time, WH Ireland said its wealth management business continues to make losses, despite the implementation of further cost-saving measures, with it requiring "substantial investment" to reach sustainable profitability. It added that a capital raise to fund investment would be "highly dilutive", with the transaction representing "the best available outcome for stakeholders."
On its AIM listing, it noted in September that upon review, "given the significant costs involved, there is insufficient benefit in maintaining the admission."
On Wednesday, WH Ireland said that proxy votes filed indicate that the resolutions will fail, but noted that the actual outcome of the general meeting will not be known until it has been held.
Shares in WH Ireland more than doubled to 1.15 pence in London on Wednesday afternoon, up from 0.40p at yesterday's close.
Shares in Oberon Investments were down 1.2% at 4.05p on London's Aquis Exchange.
In a separate statement, Oberon Investments said it is not in a position to comment on the outcome of the vote.
The firm said it has taken legal advice and understands that the asset purchase agreement "remains valid and binding... with the parties' obligations to use all reasonable endeavours to procure that the [asset purchase agreement] becomes unconditional continuing until December 31".
Oberon said in the event the vote is not passed, it remains committed to working with WH Ireland "to pursue a successful outcome that serves the best interests of clients, staff and stakeholders of both businesses".
Earlier on Wednesday, Sky News reported that shareholders accounting for more than half of WH Ireland's stock will vote against the sale.
The shareholders include Hugh Osmond, who holds a 9.9% stake.
"The directors have paid themselves huge bonuses while rinsing shareholders for every penny," he said to Sky News.
"After running the business utterly incompetently for years, they crowned their achievements by agreeing to sell the only remaining valuable part of the business for nothing. Shareholders deserve better."
By Michael Hennessey, Alliance News reporter
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