News blog

WH Ireland

  • BY: Andrew Hore |
  • POSTED: 01/05/2009 |

Investment company Evolve Capital has bought a 5.3% stake in Aim adviser WH Ireland from Laurie Beevers and David Youngman.

Beevers and Youngman have taken 10.076m shares in Evolve in return for their WH Ireland shares. Evolve shares are trading at 5.25p each, which values the stake at £529,000 - or 47.25p per WH Ireland share.

Beevers owned 9.25% of WH Ireland and was the largest shareholder. Youngman owned 6.99%.

At 52p a share, up 2.5p p the day, WH Ireland is valued at £10.9m.

Aim-quoted Evolve Capital owns 65% of Aim adviser Blue Oar, which had merger talks with WH Ireland earlier this year. Evolve says that it has no immediate intention to make an offer for WH Ireland. It is unclear if that comment covers Blue Oar even though it is a subsidiary of Evolve.

Evolve is keen to become involved in consolidation in the Aim broking sector. Blue Oar is already talking to Dowgate Capital about a merger.

WH Ireland has suspended Beevers and Youngman and is investigating their behaviour. The board says that the unauthorised share sale “is further evidence of the allegations of gross misconduct”.

At WH Ireland’s recent AGM all of its motions were passed except the ones relating to an updating of its Articles of Association and giving the board permission to issue shares without offering them to shareholders first.

Chairman Rupert Lowe says that WH Ireland was profitable in the first four months of its financial year. 

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