20th Apr 2020 11:18
(Alliance News) - City stockbroker and wealth manager WH Ireland Group PLC on Monday confirmed it is in talks with rival Cantor Fitzgerald Europe for a possible acquisition of parts of Cantor.
Shares in WH Ireland were up 5.8% at 46.00 pence each in London in morning trade.
"The company notes the recent press speculation and confirms it is in discussions with Cantor Fitzgerald Europe with regards to the possible acquisition, transfer or introduction of certain assets of part of CFE's Mid Cap and AIM Corporate Finance business," WH Ireland said in a short statement.
It plans to provide further updates to the market as required. WH Ireland noted there can be no guarantee of any transaction being completed, as the talks are at a preliminary stage.
Bloomberg News, citing people familiar with the matter, reported that US-based broker Cantor Fitzgerald was planning to cut hundreds of jobs across divisions due to the Covid-19 pandemic.
Earlier in April, WH Ireland warned that it would miss out on profitability but still report a narrowed loss for the financial year that ended March 31, as its performance in February and March was hurt by the virus outbreak, which deflated equity prices and stopped some corporate activity.
For financial 2020, WH Ireland estimated its operating loss before exceptional items was GBP2.2 million, narrowed from GBP6.3 million the year before. Revenue was expected to decline by 10% to GBP21.3 million.
By Tapan Panchal; [email protected]
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