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Historical related party transaction

13th Nov 2020 15:38

RNS Number : 3251F
AFH Financial Group Plc
13 November 2020
 

13 November 2020

AFH Financial Group plc

 

("AFH" or the "Company")

 

(AIM: AFHP)

 

Historical related party transaction

 

In December 2019, the Company entered into an agreement with Ralph Mortlock, a director and previous owner of Eunisure Limited ("Eunisure"), the wholly-owned Protection Broking subsidiary of AFH, pursuant to which, if Eunisure were ever disposed of in the future at a price meeting certain minimum criteria, a commission of not more than 5% would be paid to Mr Mortlock following any such sale.

 

Whilst the Company is not currently seeking to dispose of Eunisure, the disclosure of this agreement is required since it has recently been identified as a related party transaction under Rule 13 of the AIM Rules for Companies by virtue of Mr Mortlock's position as a director of a subsidiary of the Company. The Directors of the Company consider that the terms of the transaction were fair and reasonable at the time, insofar as AFH's shareholders are concerned.

 

For further information please contact:

 

AFH Financial Group PLC 01527 577 775

Alan Hudson, Chief Executive Officer

Paul Wright, Chief Financial Officer

 

Shore Capital NOMAD and sole broker 020 7408 4090

Hugh Morgan / Daniel Bush / Sarah Mather

 

Yellow Jersey PR Limited (Financial PR) 07748 843 871

Joe Burgess / Annabel Atkins / Dom Barretto

 

 

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