News blog
WH Ireland
- BY: Andrew Hore |
- POSTED: 06/11/2009 |
Aim adviser WH Ireland is more than halving its stake in the holding company of its Perth-based stockbroking subsidiary DJ Carmichael.
WH Ireland is selling 39.35% of Carmichael’s owner WH Ireland Australia for A$1.27m in cash and will be left with a 37.28% stake. The shares are being bought by existing directors and employees of Carmichael, which includes WH Ireland chairman Rupert Lowe who is investing A$184,000.
WH Ireland also has an entitlement to dividends from future profits via a single redeemable preference share. This is in recognition of a deferred tax asset of A$423,000. The total consideration is slightly below book value.
The business lost A$543,000 in the six months to May 2009.
At 59.5p a share, WH Ireland is valued at £12.5m. The company’s net asset value was £15.7m, including £3.6m of goodwill and intangible assets, at the end of May 2009.
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