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Evolve Capital

  • BY: Andrew Hore |
  • POSTED: 31/08/2009 |

Evolve Capital has agreed terms to buy Plus-quoted adviser Whim Gully.

Aim-quoted Evolve, which has a majority stake in Aim adviser Astaire, is paying £475,000 to the owners of Whim Gully. The approval of Evolve shareholders is required because Whim Gully is owned by Evolve directors Oliver Vaughan and Edward Vandyk and Vandyk’s wife, along with Oliver Cooke. Whim Gully generated a distributable profit of £65,000 on revenues of £307,000 in the year to June 2009.

Whim Gully’s purchase of St Helen’s Capital’s Aim and Plus-quoted advisory business is a condition of the purchase of Whom Gully by Evolve.

St Helen’s Capital will receive £200,000 for its business, against an original estimate of £250,000, if the sale to Whim Gully goes through. A general meeting will be held by St Helen’s Capital on 14 September in order to obtain shareholder approval for the disposal. The Evolve general meeting is on the same day.

Whim Gully will run all the group’s Plus-quoted activities, including Plus-quoted clients of recent Astaire acquisitions Ruegg and Dowgate. Astaire will take on the Aim clients of St Helen’s and should end up with 91 Aim-quoted clients.

Ruegg has 12 Plus-quoted clients and Dowgate four. These will be added to Whim Gully’s three Plus-quoted clients and St Helen’s 20 Plus-quoted clients. This will take the total number of Plus-quoted clients to 39. However, St Helen’s is in the process of bringing software provider Arrowpoint Technologies to Plus-quoted.

At 4.25p a share, Evolve is valued at £7.18m. 

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