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viewKingswood Holdings Limited

Unaudited interim results for six-month period

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RNS Number : 2053O
Kingswood Holdings Limited
30 September 2019
 

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES, AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF, ANY SECURITIES OF KINGSWOOD HOLDINGS LIMITED.  

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014 

 

30 September 2019

Kingswood Holdings Limited

 ("Kingswood Holdings", "KHL" or "the Group") 

Unaudited interim results for six-month period to 30 June 2019

 

The Directors of Kingswood Holdings Limited (AIM: KWG), the integrated wealth management group, are pleased to announce the Group's unaudited interim results for the six month period to 30 June 2019.

 

Highlights

·           Assets under management and administration (AUMA) stood at £1.9 billion at 30 June 2019

 

·           Group revenue from continuing operations increased to £4.2 million (H1 2018: £3.7 million) bolstered by acquisitions in the wealth planning business of Yorkshire-based Marchant McKechnie in Q4 2018, and Oxford-based Thomas & Co in Q1 2019.

 

·           Core adjusted loss1 for H1 2019 was £340k (H1 2018: loss of £707k).

 

·           In May 2019, the Group gained a key strategic foothold in the largest global wealth and investment management market with the acquisition of an interest in US-based Manhattan Harbor Capital Inc.

 

·           In September 2019, Kingswood announced it had secured up to £80m of growth capital by funds managed and/or advised by Pollen Street Capital ("Pollen Street"). This substantial investment is in the form of irredeemable convertible preference shares, to be drawn in instalments to match acquisition funding needs. Pollen Street will also be appointing two directors to the Kingswood Board.

 

·           AUMA is projected to grow to over £2.5bn on the imminent completion of the acquisition of the assets of WFI Financial ("WFI"), a high-quality IFA business based in Sheffield.

·           Kingswood is also currently reviewing a number of potential US opportunities and has entered exclusive discussions to acquire a regulated business in Singapore serving the South-East Asia market.

 

[1] Core adjusted loss excludes amortisation, acquisitions and refinancing costs and certain other costs (see note 6 of the interim financial statements)

 

 

Gary Wilder, Group CEO said: "The first half of 2019 has truly been a transformative period for the Group. The last two years of restructuring the platform has now largely been completed and KHL is well positioned for growth. This was supported in recent weeks by the provision of up to £80m of growth capital by funds managed and/or advised by Pollen Street Capital ("Pollen Street").

 

The Board is keenly focused on enhancing financial performance and continues to explore ways to drive revenue and enhance the bottom line. In addition to recent acquisitions, newly implemented initiatives include updated fee tariffs across our wealth planning business, the hiring of a new Head of Client Proposition to expand our client offerings, and investment in our technology systems to expand our business support capabilities.

 

We now have an established and experienced team in place with an expanding product line and an international footprint which solidifies our growth plans. Our core proposition centres on primary offerings in wealth planning and investment management to deliver trusted financial solutions for clients. As we continue into the final quarter of the year, we look forward to further exciting announcements in terms of both domestic and international expansion and new investment products."

 

 

***********************************************

 

For further details, please contact:

 

Kingswood Holdings Limited                                           +44 (0) 20 7293 0733

Gary Wilder / Patrick Goulding                                               www.kingswood-group.com                                                                                                     

 

finnCap Ltd (Nomad and Broker)                                  +44 (0) 20 7220 0500

Scott Mathieson / Anthony Adams

 

Greentarget (for media)                                                     +44 (0) 203 963 1889

Jamie Brownlee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chief Executive Officer's Report

The first half of 2019 has truly been a transformative period for Kingswood Holdings Limited (the "Company" or "KHL") and its subsidiaries (the "Group" or "Kingswood"). The last two years of restructuring the platform has now largely been completed and Kingswood is well positioned for growth. This was supported in recent weeks by the provision of up to £80m of growth capital by funds managed and/or advised by Pollen Street Capital ("Pollen Street"). This substantial investment is in the form of irredeemable convertible preference shares to be drawn in instalments to match acquisition funding needs. Pollen Street will also be appointing two directors to the Kingswood Board.

This is a strong affirmation of Kingswood's global vision and strategy and underpins share valuation growth not currently reflected in the market.

In addition, Kingswood recently announced the acquisition of the assets of WFI Financial ("WFI"), a high-quality IFA business with approximately £550m under management and advice. We are also currently reviewing a number of potential US opportunities and have entered exclusive discussions to acquire a regulated business in Singapore serving the South-East Asia market.

Growth capital

The raising of up to £80m by way of an issue of irredeemable convertible preference shares to certain investors and funds managed and/or advised by Pollen Street is a hugely significant milestone for the firm. Following significant investment and rigorous restructuring over the last two years, Kingswood now has a strong foundation in place to grow and expand, and this substantial investment will help the Group to execute its significant acquisition pipeline, including the recent acquisition of the business and assets of WFI, a significant independent regional financial planning business based in Sheffield with offices in Derby, Grimsby and Lincoln.

 

Pollen Street is a global, independent alternative asset investment management company focused on the financial and business services sectors, with significant experience in specialty finance. It was established in 2013 and now has over £2.6bn gross AUM across private equity and credit strategies. The Board believes they will be an excellent partner as we execute on our shared global vision for the Group. We have been extremely impressed by the depth of their industry knowledge, the thoroughness of their due diligence, and our shared belief in building a best in class global wealth management platform that delivers quality products to clients and outstanding shareholder value. We thank them for their efforts in getting to this significant milestone in Kingswood's further development and the trust they have placed in the Board and its staff.

 

This major investment by a global investor such as Pollen Street is a strong affirmation of the vision and growth strategy set by the Board at the beginning of the year.  The level of commitment highlights the growth potential both Kingswood and Pollen Street see in our stock and the potential to add significant value for shareholders.

 

Kingswood considered a number of fundraising options through institutional markets and investors, but the issue of irredeemable convertible preference shares, convertible into Kingswood ordinary shares at 16.5p per share on or before December 31, 2023, provides the certainty and timeliness of funds that Kingswood believes could not be assured from other funding alternatives.

 

Financial review 

 

The Board is keenly focused on enhancing financial performance and continues to explore ways to drive revenue and enhance the bottom line. In addition to recent acquisitions, newly implemented initiatives include updated fee tariffs across our wealth planning business, the hiring of a new Head of Client Proposition to expand our client offerings, and investment in our technology systems to expand our business support capabilities.

 

These initiatives will begin to deliver results going forward. The initial months of 2019 were reasonably challenging, with uncertain markets primarily driven by ongoing Brexit sentiment, particularly impacting our investment management segment. Sentiment did noticeably turn more positive in spring 2019.

 

For the six months to 30 June 2019, revenue from continuing operations was £4.2m compared to £3.7m in the same period for the previous year. The difference is mainly attributable to an increase in revenue from wealth planning as a result of the acquisition of Marchant McKechnie in October 2018 and the assets of Thomas & Co. in February 2019.

 

The Board believes Core EBITDA is the most critical measure of underlying business performance. The six month period to 30 June 2019 saw an improvement in Core EBITDA by £367k from the period to 30 June 2018 as follows. 

 

 

30-Jun-19

 

30-Jun-18

 

31-Dec-18

 

(unaudited)

 

(unaudited)

 

(audited)

 

£'000

 

£'000

 

£'000

Revenue - Wealth Planning

2,144

 

1,441

 

5,762

Revenue - Investment Management

2,059

 

2,274

 

1,744

Total Revenue

4,203

 

3,715

 

7,506

Operating costs

(4,543)

 

(4,422)

 

(9,103)

Core EBITDA

(340)

 

(707)

 

(1,597)

 

A reconciliation of the statutory loss for the period to Core EBITDA is shown in the Interim Consolidated Statement of Comprehensive Income on page 6.

 

Strong foundation

 

Our vision is to become a leading global provider of trusted wealth planning and investment management solutions to clients, underpinned by investment in people and innovation with technology supporting our advisers and clients. Critical to delivery of our vision and underlying strategy are the continued development of our technology backbone, a rigorous risk management and compliance environment and the ongoing provision of attractive investment products to clients.

 

We have already solidified a number of strategic initiatives designed to deliver on the Group's vision and stimulate growth. Kingswood's wealth planning business recently expanded with the acquisition of WFI, a high-quality IFA business with approximately £550m under management and advice; Marchant McKechnie in East Yorkshire which completed in Q4 2018; and the acquisition in Q1 2019 of Oxford-based Thomas & Co. These acquisitions have broadened Kingswood's UK footprint, adding to its existing office network in London, Maidstone, Manchester and Worcester and upon completion of the WFI acquisition, Kingswood will have c. 5,500 active clients and AUM/AUA of c. £2.5bn. In May 2019, Kingswood acquired an interest in US-based Manhattan Harbor Capital Inc., enabling Kingswood to gain a key, strategic foothold in the largest global wealth and investment management market.

 

So far this year, Kingswood has appointed Richard Jeffrey as Chairman of the Investment Committee and has built a robust investment process with a group of highly experienced professionals under its stewardship. Richard Klein also joined to lead and expand the firm's alternative product offerings for distribution to its growing client base. Leigh Philpot recently joined in London, as Head of Client Proposition to help the firm grow and enhance its business proposition for clients and intermediaries and generate new sales opportunities. Najib Canaan joined earlier this year in New York as US CEO to lead the Group's growth efforts in that market, where he is already reviewing a number of potential opportunities.

 

A new fee structure was implemented across the wealth planning platform from June 2019 and Kingswood's Managed Portfolio Service ("MPS") has been enhanced and is now widely available across industry platforms. A new cash management product (in partnership with Flagstone) has also been launched and provides access to 550+ cash deposit options across 35 financial institutions.

 

Conclusion

 

Kingswood now has an established and experienced team in place with an expanding product line and an international footprint which solidifies our growth plans. Our core proposition centres on primary offerings in wealth planning and investment management to deliver trusted financial solutions for clients. As we continue into the second half of the year, we look forward to further exciting announcements in terms of both domestic and international expansion and new investment products.

 

 

 

 

Gary Wilder

Group Chief Executive Officer

 

30th September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months to 30 Jun 2019

 

Six months to
30 Jun 2018

 

Year ended
31 Dec 2018

 

 

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

 

 

 

 

Restated1

 

Restated2

 

 

 

Note

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

Revenue

 

6

4,203

 

3,715

 

7,506

 

Cost of sales

 

 

(398)

 

(296)

 

(561)

 

Gross profit

 

 

3,805

 

3,419

 

6,945

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

 

(5,279)

 

(5,034)

 

(9,913)

 

Amortisation and depreciation

 

 

(523)

 

(258)

 

(598)

 

Impairment of goodwill

 

11

(149)

 

-

 

-

 

Other gains/(losses)

 

7

-

 

210

 

(106)

 

Operating loss

 

 

(2,146)

 

(1,663)

 

(3,672)

 

Finance costs

 

 

(34)

 

(7)

 

(17)

 

Loss before tax

 

 

(2,180)

 

(1,670)

 

(3,689)

 

Tax

 

 

-

 

(1)

 

-

 

Loss after tax from continuing operations

(2,180)

 

(1,671)

 

(3,689)

 

(Loss)/profit from discontinued operations

8

(140)

 

174

 

(1,029)

 

Loss after tax for the period

 

 

(2,320)

 

(1,497)

 

(4,718)

 

Other comprehensive income

 

 

-

 

-

 

-

 

Total comprehensive loss for the period

(2,320)

 

(1,497)

 

(4,718)

 

 

 

 

 

 

 

 

 

 

Loss per share - continuing operations:

 

 

 

 

 

 

 

 

Basic loss per share

 

9

£ (0.01)

 

£ (0.02)

 

£ (0.03)

 

Diluted loss per share

 

9

£ (0.01)

 

£ (0.02)

 

£ (0.03)

 

 

 

 

 

 

 

 

 

 

The operating loss and total comprehensive loss for the period are attributable to the equity holders.

 

 

 

 

 

 

 

 

 

Core EBITDA is calculated as follows:

 £'000

 

 £'000

 

 £'000

 

Operating loss

 

 

(2,146)

 

(1,663)

 

(3,672)

 

Add back :

 

 

 

 

 

 

 

 

Amortisation, depreciation and impairment

672

 

48

 

704

 

Exceptional costs

 

 

945

 

908

 

1,367

 

Share based payments

 

 

189

 

-

 

4

 

Core EBITDA

 

 

(340)

 

(707)

 

(1,597)

 

 

 

 

 

 

 

 

 

 

Interim Consolidated Statement of Comprehensive Income

 

 

1The results for the six month period ended 30 June 2018 were restated as a result of a reclassification of certain costs. Additionally, the results of discontinued operations have been separately presented. See note 7 and note 8 for further details.

 

2The results for the year ended 31 December 2018 were restated to separately present the results of discontinued operations.

 

Interim Consolidated Statement of Financial Position

 

 

 

 

Note

 

30 Jun 2019

(unaudited)

£'000

 

 

30 Jun 2018

(unaudited)

£'000

 

 

31 Dec 2018

(audited)

£'000

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

10

 

1,091

 

76

 

148

Intangible assets and goodwill

 

11

 

27,999

 

22,173

 

25,536

Investments

 

12

 

416

 

-

 

-

Deferred tax asset

 

 

 

428

 

428

 

428

 

 

 

 

29,934

 

22,677

 

26,112

Current assets

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

 

1,208

 

1,113

 

1,156

Cash and cash equivalents

 

 

 

156

 

4,520

 

2,410

 

 

 

 

1,364

 

5,633

 

3,566

Total assets

 

 

31,298

 

28,310

 

29,678

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

 

2,326

 

1,898

 

2,131

Deferred liabilities

 

13

 

1,700

 

-

 

1,200

Lease liabilities

 

4

 

184

 

-

 

-

 

 

 

 

4,210

 

1,898

 

3,331

Non-current liabilities

 

 

 

 

 

 

 

 

Deferred liabilities

 

13

 

2,200

 

-

 

  1,200

Other non-current liabilities

 

14

 

500

 

16

 

4

Lease liabilities

 

4

 

724

 

-

 

-

Total liabilities

 

 

 

7,634

 

1,914

 

4,535

Net assets

 

 

 

23,664

 

26,396

 

25,143

Equity

 

 

 

 

 

 

 

 

Share capital

 

15

 

8,117

 

7,347

 

7,743

Share premium

 

15

 

6,552

 

5,363

 

6,274

Other equity

 

 

 

106

 

106

 

106

Other reserves

 

 

 

(549)

 

(1,508)

 

(738)

Retained earnings

 

 

 

9,438

 

15,088

 

11,758

Total equity

 

 

 

23,664

 

26,396

 

25,143

 

 

The financial statements of Kingswood Holdings Limited (registered number 42316) were approved by the Board of Directors and authorised for issue on 30th September 2019 signed on its behalf by:

 

Kenneth 'Buzz' West

Chairman

 

30th September 2019

 

 

Interim Consolidated Statement of Changes in Equity  

 

 

 

 

Share Capital and  Premium   

Other Equity

Other Reserves

Retained Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2018 (audited)

5,016

106

(734)

16,476

20,864

 

 

 

 

 

 

Loss for the period

-

-

-

(1,497)

(1,497)

Issue of share capital

7,694

-

-

-

7,694

Placing costs

-

-

(774)

-

(774)

Reversal of capitalised interest

-

-

-

109

109

 

 

 

 

 

 

At 30 June 2018 (unaudited)

12,710

106

(1,508)

15,088

26,396

 

 

 

 

 

 

Reclassification adjustment*

-

-

774

(774)

-

Loss for the period

-

-

-

(2,556)

(2,556)

Issue of share capital

1,307

-

-

-

1,307

Share based payments

-

-

4

-

4

Retranslation of overseas operations

-

-

(8)

-

(8)

 

 

 

 

 

 

At 31 December 2018 (audited)

14,017

106

(738)

11,758

25,143

 

 

 

 

 

 

Loss for the period

-

-

-

(2,320)

(2,320)

Issue of share capital

652

-

-

-

652

Share based payments

-

-

189

-

189

 

 

 

 

 

 

At 30 June 2019 (unaudited)

14,669

106

(549)

9,438

23,664

 

 

 

 

 

*The reclassification adjustment relates to the treatment of placing costs which were adjusted following the statutory audit for the year ended 31 December 2018.

 

 

 

 

 

 

 

 

 

 

Interim Consolidated Statement of Cashflows

 

 

 

Six months to 30 Jun 2019

 

Six months to
30 Jun 2018

 

Year ended
31 Dec 2018

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

Net cash used in operating activities (note 16)

 

(1,418)

 

(1,061)

 

(3,867)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Property, plant and equipment purchased

 

(58)

 

(38)

 

(138)

Acquisition of investments

 

(3,416)

 

                            -

 

(1,600)

Proceeds from sale of investments

 

                               -

 

                            -

 

234

Deferred consideration

 

                               -

 

                            -

 

(317)

Movements in Deferred Consideration

 

1,500

 

                            -

 

(210)

Cash acquired on acquisitions

 

                               -

 

                            -

 

106

Net cash used in investing activities

 

(1,974)

 

(38)

 

(1,925)

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Net proceeds on issue of shares

 

653

 

632

 

1,939

Interest paid

 

(15)

 

(1,104)

 

555

Loans repaid

 

                               -

 

(5,372)

 

(5,391)

Interest received

 

-

 

369

 

-

New loans received

 

500

 

1,300

 

1,300

 

 

 

 

 

 

 

Net cash from financing activities

 

1,138

 

(4,175)

 

(1,597)

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(2,254)

 

(5,274)

 

(7,389)

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

2,410

 

9,799

 

9,799

Effects of movement in exchange rates

 

-

 

(5)

 

-

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

156

 

4,520

 

2,410

 

1.         General information

Kingswood Holdings Limited ("KHL") is a company incorporated in Guernsey under The Companies (Guernsey) Law, 2008. The shares of the Company are traded on AIM. The nature of the Group's operations and its principal activities are set out in the Annual Report which is available at http://www.kingswood-group.com. Certain subsidiaries in the Group are subject to the FCA's regulatory capital requirements and therefore required to monitor their compliance with credit, market and operational risk requirements, in addition to performing their own assessment of capital requirements as part of the Individual Capital Adequacy Assessment Process ("ICAAP").

 

2.        Accounting policies

Basis of preparation

 

The Group's interim condensed consolidated financial statements are prepared and presented in accordance with IAS 34 'Interim Financial Reporting'. The accounting policies adopted by the Group in the preparation of its 2019 interim report are consistent with those disclosed in the annual financial statements for the year ended 31 December 2018 except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2019, and will be adopted in the 2019 annual financial statements.

                                                                       

The information relating to the six months ended 30 June 2019 and the six months ended 30 June 2018 do not constitute statutory financial statements and the information in relation to the six months ended 30 June 2019 and 30 June 2018 has not been audited. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's most recent annual financial statements for the year ended 31 December 2018, except for the effects of applying IFRS 16.

 

This is the first set of the Group's financial statements in which IFRS 16 has been applied. Changes to significant accounting policies are described in Note 4.

 

Going concern

 

The Directors are satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months. Accordingly, the Group continues to prepare the condensed consolidated interim financial statements on a going concern basis.

 

3.        Use of judgements and estimates

 

In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

 

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements, except for the new significant judgements related to lessee accounting under IFRS 16.

 

 

 

4.        Changes in significant accounting policies

 

The Group has applied IFRS 16 using the modified retrospective approach and therefore comparative information has not been restated. This means comparative information is still reported under IAS 17 and IFRIC 4.

 

The changes in accounting policies are also expected to be reflected in the Group's consolidated financial statements as at and for the year ending 31 December 2019.

 

IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments.

 

The Group has applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognised in retained earnings at 1 January 2019. Accordingly, the comparative information presented for 2018 has not been restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below.

 

Definition of a lease

 

Previously, the Group determined at contract inception whether an arrangement was or contained a lease under IFRIC 4 Determining Whether an Arrangement contains a Lease. The Group now assesses whether a contract is or contains a lease based on the new definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.

 

On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 1 January 2019.

 

As a lessee

 

The Group leases a number of assets, including properties and printers.

 

As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Group recognises right-of-use assets and lease liabilities for most leases - i.e. these leases are on-balance sheet.

 

However, the Group has elected not to recognise right-of-use assets and lease liabilities for some leases of low-value assets such as printers. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

 

 

The Group presents right-of-use assets in 'property, plant and equipment', the same line item as it presents underlying assets of the same nature that it owns. The carrying amounts of right-of-use assets are as below:

 

 

 

 

Property, plant and equipment

Carrying amounts of right-of-use assets

 

 

 

£'000

Balance at 1 January 2019

 

 

 

779

Balance at 30 June 2019

 

 

 

910

 

 

 

 

 

 

 

 

 

Lease liabilities

Carrying amounts of lease liabilities

 

 

 

£'000

 

Balance at 1 January 2019

 

 

 

 

779

Balance at 30 June 2019:

 

-       Due within one year

-       Due after more than one year

 

 

 

908

 

184

724

 

 

 

 

 

 

 

The Group presents lease liabilities as a separate line item in the statement of financial position.

 

 

Significant accounting policies

 

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain re-measurements of the lease liability.

 

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group's incremental borrowing rate.

 

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made.

 

The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that includes renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised.

 

Transition

 

Previously, the Group classified office property leases as operating leases under IAS 17. These include office property leases. The leases typically run for a period of 3 to 10 years.

 

At transition, for leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group's incremental borrowing rate as at 1 January 2019 - the date of initial application of IFRS 16. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.

 

The Group used the following practical expedients when applying IFRS 16 to leases previously classified as operating leases under IAS 17:

 

·      Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term.

·      Excluded initial direct costs from measuring the right-of-use asset at the date of initial application.

·      Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

 

For leases classified as finance leases under IAS 17, the carrying amount of the right-of-use asset and the lease liability at 1 January 2019 were determined at the carrying amount of the lease asset and lease liability under IAS 17 immediately before that date.

 

Impact on financial statements

 

On transition to IFRS 16, the impact is summarised below:

 

 

 

 

1 January 2019

 

 

 

 

£'000

 

Right-of-use assets (included in PPE)

 

 

 

 

779

Lease liabilities

 

 

 

779

 

 

 

 

 

Retained earnings

 

 

 

-

 

 

 

 

 

When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 January 2019. The weighted average rate applied is 4.50%.

 

The following is a reconciliation of total operating lease commitments disclosed at 31 December 2018 under IAS 17 to the lease liabilities recognised at 1 January 2019 under IFRS 16:

 

 

 

 

 

 

 

 

 

£'000

Total operating lease commitments disclosed at 31 December 2018

943

 

Recognition exemptions:

 

Leases of low value assets

(30)

Leases with remaining lease term of less than 12 months

(31)

Undiscounted lease payments

882

Effect of discounting using the incremental borrowing rate as at 1 January 2019

(103)

Lease liabilities at 1 January 2019

779

5.        Critical accounting judgements and key sources of estimation uncertainty

 

In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years.

 

The following are the critical judgements that the Directors have made in the process of applying the Group's accounting policies and that has the most significant effect on the amounts recognised in financial statements.

 

Share based payments

The calculation of the fair value of share based payments requires assumptions to be made regarding market conditions and future events. These assumptions are based on historic knowledge and industry standards. Changes to the assumptions used would materially impact the charge to the Statement of Comprehensive Income.

 

Goodwill and intangible assets

The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management's judgement. Goodwill is reviewed annually for impairment by comparing the carrying amount of the CGUs to their expected recoverable amount, estimated on a value-in-use basis.

 

Recoverability of deferred tax assets

The amount of deferred tax assets recognised requires assumptions to be made to the financial forecasts that probable sufficient taxable profits will be available to allow all or part of the asset to be recovered.

 

Estimates and assumptions

The Group makes estimates as to the expected duration of client relationships to determine the period over which related intangible assets are amortised. The amortisation period is estimated with reference to historical data on account closure rates and expectations for the future. During the year, client relationships were amortised over a 10-20 year period.

 

 

6.        Business and geographical segments

 

For management purposes, the Group has organised its activities into two operating divisions; Investment Management and Wealth Planning. All head office costs have been included in a separate column, Group, alongside the information presented for internal reporting to the Board of Directors. Therefore the Group's reportable segments under IFRS 8 are Investment Management and Wealth Planning.

 

Information regarding the Group's operating segments is reported below.

 

 

Year ended 30-Jun-19

(unaudited)

 

Investment Management

£'000

 

Wealth

Planning

£'000

 

Group

£'000

 

Total

£'000

 

 

 

 

 

 

 

 

 

Continuing Operations

 

 

 

 

 

 

 

 

 

Revenue

 

2,059

 

2,144

 

-

 

4,203

Core EBITDA

 

239

 

487

 

(1,066)

 

(340)

Amortisation and depreciation

 

-

 

(76)

 

(447)

 

(523)

Impairment of goodwill

 

-

 

-

 

(149)

 

(149)

Exceptional costs

 

-

 

-

 

(945)

 

(945)

Share based payments

 

-

 

-

 

(189)

 

(189)

Finance costs

 

(8)

 

(1)

 

(25)

 

(34)

Profit / (loss) before tax from continuing operations

 

231

 

410

 

(2,821)

 

(2,180)

Tax

 

-

 

-

 

-

 

-

Profit / (loss) after tax from continuing operations

 

231

 

410

 

(2,821)

 

(2,180)

 

Discounted Operations

 

Loss from discontinued operations

 

(140)

 

-

 

-

 

(140)

Profit /(loss) after tax

 

91

 

410

 

(2,821)

 

(2,320)

 

All revenue from continuing operations is generated in the United Kingdom.

 

 

 

 

Year ended 30-Jun-18

(unaudited)

 

Investment Management

£'000

 

Wealth

Planning

£'000

 

Group

£'000

 

Total

£'000

 

 

 

 

 

 

 

 

 

Continuing Operations

 

 

 

 

 

 

 

 

 

Revenue

 

2,274

 

1,441

 

-

 

3,715

Core EBITDA

 

385

 

372

 

(1,464)

 

(707)

Amortisation and depreciation

 

-

 

(14)

 

(244)

 

(258)

Exceptional costs

 

-

 

-

 

(908)

 

(908)

Other losses

 

-

 

-

 

210

 

210

Finance costs

 

-

 

(1)

 

(6)

 

(7)

Profit / (loss) before tax from continuing operations

 

385

 

357

 

(2,412)

 

(1,670)

Tax

 

(1)

 

-

 

-

 

(1)

Profit / (loss) after tax from continuing operations

 

384

 

357

 

(2,413)

 

(1,671)

 

Discontinued Operations

 

Profit from discontinued operations

 

174

 

-

 

-

 

174

Profit /(loss) after tax

 

558

 

357

 

(2,413)

 

(1,497)

 

All revenue from continuing operations is generated in the United Kingdom.

 

 

 

 

 

Year ended 31-Dec-18

(audited)

 

Investment Management

£'000

 

Wealth

Planning

£'000

 

Group

£'000

 

Total

£'000

 

 

 

 

 

 

 

 

 

Continuing Operations

 

 

 

 

 

 

 

 

 

Revenue

 

4,481

 

3,025

 

 

-

7,506

Core EBITDA

 

592

 

455

 

(2,644)

 

(1,597)

Amortisation and depreciation

 

 

-

(73)

 

(525)

 

(598)

Other losses

 

 

-

-

 

(106)

 

(106)

Finance costs

 

(2)

 

 (2)

 

(13)

 

(17)

Exceptional costs

 

 

-

-

 

(1,367)

 

(1,367)

Share based payments

 

 

-

-

 

(4)

 

(4)

Profit / (loss) before tax from continuing operations

 

590

 

380

 

(4,659)

 

(3,689)

Tax

 

-

 

-

 

-

 

-

Profit / (loss) after tax from continuing operations

 

590

 

380

 

(4,659)

 

(3,689)

 

Discontinued Operations

 

Loss from discontinued operations

 

(1,029)

 

-

 

-

 

(1,029)

(Loss) / profit after tax

 

(439)

 

380

 

(4,659)

 

(4,718)

 

All revenue from continuing operations is generated in the United Kingdom.

 

7.        Other gains / (losses)

 

 

Six months to 30 Jun 2019

(unaudited)

 

£'000

 

Six months to

30 Jun 2018

(unaudited)

Restated*

£'000

 

Year ended

31 Dec 2018

(audited)

 

£'000

 

 

 

 

 

 

 

Movements in deferred consideration

 

-

 

210

 

210

Refinancing costs

 

-

 

-

 

(316)

 

 

 

 

 

 

 

Total other gains / (losses)

 

-

 

210

 

(106)

 

*The Group revisited certain other losses amounting to £1,273k and these were reclassified as administrative expenses.

8.        Discontinued operations

 

In April 2019, the Group discontinued the activities of its subsidiary KW Trading Services Limited. The Group disposed of European Wealth (Switzerland) SA on 11 July 2018 and EW Gibraltar Limited on 30 June 2018. This is disclosed in note 16 of the audited financial statements for the year ended 31 December 2018.

 

The results of discontinued operations for the period prior to the disposal date are shown below:

 

 

Six months to

30 Jun  2019

(unaudited)

 

£'000

  Six months to

     30 Jun  2018

(unaudited)

Restated*

£'000

Year ended

       31 Dec 2018

(audited)

Restated*

£'000

 

 

 

 

 

 

 

 

Revenue

279

1,074

1,281

Cost of sales

 (109)

(192)

(272)

Gross profit

170

882

1,009

Administrative expenses

(308)

(704)

(1,092)

Amortisation and depreciation

-

(4)

-

Operating  (loss) /profit

(138)

176

(83)

Finance costs

(2)

(1)

(1)

(Loss) / profit before tax

(140)

175

(84)

Tax

-

(1)

-

(Loss) / profit for the year

(140)

174

(84)

Loss on disposal of discontinued operations

-

-

(945)

Total loss from discontinued operations

(140)

174

(1,029)

                                                                                                                                                    

*Restated to include the results of KW Trading Services Limited which was classified as a discontinued operation in April 2019.

 

9.        Earnings per share

 

 

 

Six months to 30 Jun 2019

(unaudited)

 

£'000

 

Six months to

30 Jun 2018

(unaudited)

Restated*

£'000

 

Year ended

31 Dec 2018

(audited)

Restated*

£'000

Loss from continuing operations for the purposes of basic loss per share being net loss attributable to owners of the Group

 

(2,180)

 

(1,671)

 

(3,689)

 

 

 

 

 

 

 

Number of shares

 

 

 

 

 

 

Weighted average number of ordinary shares in issue during period

 

156,886,656

 

108,819,547

 

131,361,701

Diluted weighted average number of shares in issue during period

 

156,886,656

 

108,819,547

 

131,361,701

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

Basic loss per share

 

£(0.01)

 

£(0.02)

 

£(0.03)

Diluted loss per share

 

£(0.01)

 

£(0.02)

 

£(0.03)

 

Total loss:

 

 

 

 

 

 

Basic loss per share

 

£(0.01)

 

£(0.01)

 

£(0.04)

Diluted loss per share

 

£(0.01)

 

£(0.01)

 

£(0.04)

 

*Restated to exclude the results of KW Trading Services Limited which was classified as a discontinued operation in April 2019.

 

10.      Property, plant and equipment

 

 

 

 

 

Group Fixtures and Equipment

 

 

 

 

 

£'000

Cost

 

 

 

 

 

At 1 January 2018 (audited)

 

 

 

 

293

Additions

 

 

 

 

37

At 30 June 2018 (unaudited)

 

 

 

 

330

Additions

 

 

 

 

101

At 31 December 2018 (audited)

 

 

 

 

431

Additions

 

 

 

 

1,078

At 30 June 2019 (unaudited)

 

 

 

 

1,509

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

At 1 January 2018 (audited)

 

 

 

 

225

Charge for half year

 

 

 

 

29

At 30 June 2018 (unaudited)

 

 

 

 

254

Charge for half year

 

 

 

 

29

At 31 December 2018 (audited)

 

 

 

 

283

Charge for half year

 

 

 

 

135

At 30 June 2019 (unaudited)

 

 

 

 

418

 

 

 

 

 

 

Carrying amount

 

 

 

 

 

At 30 June 2018 (unaudited)

 

 

 

 

76

At 31 December 2018 (audited)

 

 

 

 

148

At 30 June 2019 (unaudited)

 

 

 

 

1,091

 

Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:

 

 

 

 

 

30 June 2019

 

 

 

 

 

£'000

Office property

 

 

 

 

 

910

 

 

11.       Intangible assets and goodwill

Group

 

Goodwill

 

Intangible assets

 

Total

 

 

£'000

 

£'000

£

£'000

Cost

 

 

 

 

 

 

As at 1 January 2018 (audited)

 

16,457

 

10,504

 

26,961

Additions

 

-

 

-

 

-

Disposals

 

-

 

-

 

-

As at 30 June 2018 (unaudited)

 

16,457

 

10,504

 

26,961

Additions

 

308

 

3,717

 

4,025

Disposals

 

-

 

(1,566)

 

(1,566)

As at 31 December 2018 (audited)

 

16,765

 

12,655

 

29,420

Additions

 

-

 

3,000

 

3,000

Disposals

 

-

 

-

 

-

As at 30 June 2019 (unaudited)

 

16,765

 

15,655

 

32,420

 

 

 

 

 

 

 

Accumulated amortisation

 

 

 

 

 

 

As at 1 January 2018 (audited)

 

1,971

 

1,971

 

3,942

Charge for half year

 

-

 

262

 

262

Impairment

 

-

 

584

 

584

As at 30 June 2018 (unaudited)

 

1,971

 

2,817

 

4,788

Charge for half year

 

46

 

232

 

278

Disposals

 

-

 

(1,182)

 

(1,182)

As at 31 December 2018 (audited)

 

2,017

 

1,867

 

3,884

Charge for half year

 

-

 

388

 

388

Impairment

 

149

 

-

 

149

As at 30 June 2019 (unaudited)

 

2,166

 

2,255

 

4,421

 

 

 

 

 

 

 

Carrying amount

 

 

 

 

 

 

As at 30 June 2018 (unaudited)

 

14,486

 

7,687

 

22,173

As at 31 December 2018 (audited)

 

14,748

 

10,788

 

25,536

As at 30 June 2019 (unaudited)

 

14,599

 

13,400

 

27,999

 

 

 

 

 

 

12.      Investments

On 25 May 2019, Kingswood acquired a 7% interest in US based Manhattan Harbor Capital Inc. for an initial consideration of £416,435 (USD$525,000), comprising a cash payment of £263,742 (USD$332,500) and a share element of £152,693 (USD$192,500) which was satisfied through the issuance of 1,654,787 new ordinary shares in KHL.

 

13.      Deferred liabilities

In line with its growth plans, on 31 January 2019 the Group acquired the client book of Thomas & Co Financial Services, an independent financial adviser, for a maximum consideration of £3.0m. This comprised an initial cash payment of £1.5m and a further deferred sum of a maximum £1.5m due which is subject to the achievement of revenue and profitability metrics over a three-year period. The assets under advice attributable to this client book are approximately £150m.

 

At 31 December 2018, deferred liabilities consisted of consideration payable as a result of the acquisition of Marchant McKechnie Independent Financial Advisers Limited on 1 October 2018.

 

 

 

 

 

 

 

30 Jun

2019
(unaudited)

£'000

 

 

30 Jun

 2018

(unaudited)
£'000

 

 

31 Dec

2018

(audited)
£'000

 

Current liabilities  

 

 

 

1,700

-

 

1,200

 

Non-current liabilities

 

 

 

 

2,200

 

-

 

 

1,200

 

14.      Other non-current liabilities

 

 

 

 

 

30 Jun

2019
(unaudited)

£'000

 

 

30 Jun

 2018

(unaudited)
£'000

 

 

31 Dec

2018

(audited)
£'000

 

Hire purchase creditor

 

 

 

-

16

 

4

Borrowings

 

 

 

500

-

 

-

 

 

 

 

500

16

 

4

 

The borrowings of £500k (30 Jun 2018: £nil; 31 Dec 2018: £nil) relate to a loan drawdown from KPI (Nominees) Limited ("KPI"), KHL's major shareholder, on the convertible term loan facility in place since November 2017. The terms of this facility, which has duration of 3 years, are as follows: interest rate of 7.5%, an underwriting fee of 1%, an arrangement fee of 0.75% and a non-utilisation fee of 0.5%.

 

 

 

 

15.      Share capital and share premium

 

 

Six months to 30 Jun 2019

(unaudited)

Six months  

to 30 Jun

2018

(unaudited)

Year ended

31 Dec

2018

(audited)

Six months to 30 Jun 2019

(unaudited)

Six months

to 30 Jun

2018

(unaudited)

Year ended

31 Dec

2018

(audited)

 

 

        Shares

Shares

Shares

£'000

£'000

£'000

Fully paid 5 pence Ordinary shares

162,348,684

146,950,667

154,870,667

8,117

7,347

7,743

 

                         

 

 

 

Movements in Ordinary shares

Number of Shares

Par value

Share

Premium

Total

 

000's

£'000

£'000

£'000

 

 

 

 

 

At 1 January 2018 (audited)

100,317

5,016

-

5,016

Issued H1 2018

46,634

2,331

5,363

7,694

At 30 June 2018 (unaudited)

146,951

7,347

5,363

12,710

Issued H2 2018

7,920

396

911

1,307

At 31 December 2018 (audited)

154,871

7,743

6,274

14,017

Issued H1 2019

7,478

374

278

652

At 30 June 2019 (unaudited)

162,349

8,117

6,552

 

 

On 30 September 2019, KHL had 216,920,720 fully paid 5 pence ordinary shares in issue.
 

16.      Notes to the cash flow statements

 

 

 

Six months to 30 Jun 2019

 

Six months to
30 Jun 2018

 

Year ended
31 Dec 2018

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

Loss before tax

 

(2,320)

 

(1,497)

 

(4,718)

 

 

 

 

 

 

 

 

Adjustments for:

 

 

 

 

 

 

 

 

Finance costs

 

34

 

                            -

 

18

Foreign exchange

 

                               -

 

(56)

 

(70)

Depreciation and amortisation

 

523

 

291

 

598

Share-based payment expense

 

189

 

                            -

 

4

Loss on disposal of subsidiary

 

                               -

 

                            -

 

945

Movements in deferred consideration

 

                               -

 

210

 

                        -

Impairment of goodwill

 

149

 

584

 

-

Other gains and losses

 

                               -

 

479

 

316

Impact of adjustment for IFRS 16 - Leases

 

(215)

 

                            -

 

                        -

 

 

 

 

 

 

 

Operating cash flows before movements in working capital

 

(1,640)

 

12

 

(2,907)

 

 

 

 

 

 

 

Decrease/(Increase) in receivables

 

(51)

 

2

 

(42)

 

(Decrease)/Increase in payables

 

273

 

(1,074)

 

(918)

 

 

 

 

 

 

 

Net cash outflow from operating activities

 

(1,418)

 

(1,061)

 

(3,867)

 

 

17.      Share based payments

The Group recognised total expenses of £188,833 (30 June 2018: £nil; 31 December 2018: £3,863) in relation to directors' and employees' share-based payments in the period.

 

During the six month period ended 30 June 2019, the Group granted 37,600,000 options under the 2019 LTIP scheme to various employees and directors with an exercise price of 5p. The vesting date of these share options is 31 December 2021.

 

 

18.      Financial instruments

 

The following table states the classification of financial instruments:

 

 

 

At

30 June

2019

(unaudited)

At

30 June

2018

(unaudited)

At

31 December

2018

(audited)

Group

 

 

Carrying amount
£'000

Carrying amount
£'000

Carrying amount
£'000

Financial assets measured

at amortised cost

 

 

 

 

Trade and other receivables

 

816

794

969

Cash and bank balances

 

156

4,520

2,410

 

 

 

 

 

Financial liabilities measured

at amortised cost

 

 

 

 

Trade and other payables

 

(2,326)

(1,898)

(2,131)

Deferred liabilities

 

(1,700)

-

(1,200)

Current lease liabilities

 

(184)

-

-

Non-current lease liabilities

 

(724)

-

-

Non-current deferred liabilities

 

(2.200)

-

(1,200)

Loans and 0ther non-current liabilities

 

(500)

(16)

(4)

 

 

 

 

 

 

 

(6,662)

3,400

(1,156)

 

 

 

 

 

                 

 

The carrying amount of financial assets and financial liabilities approximates to their fair value.

 

19.      Related party transactions

Remuneration of key management personnel

The remuneration of the Board of Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

 

 

Six months to

30 Jun 2019

(unaudited)

£'000

Six months to

30 Jun 2018

(unaudited)

£'000

Year ended

31 Dec 2018

(audited)

£'000

 

Year ended

31 Dec 2018

(audited)

£'000

Short-term employee benefits

398

203

430

 

Post-employment benefits

-

11

30

 

Share based payments

124

-

-

 

 

522

214

460

 

 

 

Other related party transactions

 

At 30 June 2019 outstanding borrowings of £500k (30 Jun 2018: £nil; 31 Dec 2018: £nil) relate to a loan drawdown from KPI (Nominees) Limited - KHL's major shareholder and related party. The terms of this loan are disclosed in note 14.

 

20.     Ultimate controlling party

As at the date of approving the interim financial statements, the ultimate controlling party of the Group was KPI. See note 21 for further details.

 

21.      Events after the reporting period

On 16 July 2019, KPI converted £500k of its convertible term loan facility disclosed in other non-current liabilities into ordinary shares of 5 pence each in the Company at a price of 7.850 pence. Subsequently, on 17 July 2019, KPI converted £750k of its convertible term loan facility into ordinary shares of 5 pence each in the Company at a price of 7.850 pence. On 22 August 2019, KPI requested to convert £1.725m of the convertible term loan facility into ordinary shares of 5 pence each at a price of 8.163 pence. Additionally, on 27 August 2019, KPI requested to convert £1.425m of the convertible term loan facility into ordinary shares of 5 pence each at a price of 8.138 pence.                   

 

On 4 September 2019 KPI purchased Astoria Investments (UK) Limited's entire holding of 28,059,272 ordinary shares of 5 pence each in the Company at a price of 7.5 pence. As a result of this transaction, KPI currently holds 145,054,905 Ordinary Shares in KHL, representing 66.9 per cent of ordinary shares in issue.

 

On 4 September 2019, Kingswood exchanged contracts to acquire the book of business of a significant independent regional financial planning business, WFI Financial LLP ("WFI"), based in Sheffield for a maximum cash consideration of £14m, which will be payable over a 30 month period; £3.5m will be payable at closing at the end of September 2019 and the balance on a deferred basis subject to WFI meeting pre-agreed asset migration, recurring revenue and EBITDA hurdles, with the final deferred payment due in February 2022.

 

The Company entered into a subscription agreement on 12 September 2019 with HSQ Investment Limited, which is a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Limited ("Pollen Street"), to subscribe for up to 80m irredeemable convertible preference shares, at a subscription price of £1 each ("the Subscription"). Pollen Street is a global, independent alternative asset investment management company, established in 2013 with currently over £2.6bn gross AUM across private equity and credit strategies, focused on the financial and business services sectors, with significant experience in specialty finance. The initial proceeds of the Subscription will be used to fund the acquisition of WFI referred to above and execute its significant acquisition pipeline.

 

All of the irredeemable convertible preference shares shall convert into new ordinary shares at Pollen Street's option at any time from the earlier of an early conversion trigger or a fundraising, or automatically on 31 December 2023. Preferential dividends on the irredeemable convertible preference shares will accrue daily at a fixed rate of five per cent per annum from the date of issue.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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