EW Group Ltd says that its stake in European Wealth Management is worth four times its book value at the end of June 2012.
The assets under management have quadrupled to more than £600m since EW acquired the stake. EW has also increased its stake in European Wealth Management to 48.8%, through the capitalisation of £822,000 of loans and the acquisition of existing shares in return for shares in EW.
At 1.4p a share, EW is valued at £4.2m. At the price of the latest stake purchase, the 48.8% stake in European Wealth Management is valued at £3.91m.
European Wealth Management founder John Morton is joining the EW board. He owns 7.89% of EW.
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