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WH Ireland

  • BY: Andrew Hore |
  • POSTED: 20/05/2011 |

Aim adviser WH Ireland has sold its remaining stake in its Australian operations.

WH Ireland sold its 37.28% stake in WHI Australia, which is the holding company of DJ Carmichael, to staff and existing shareholders for A$1.19m (£785,000). WH Ireland will also redeem its preference shares in the company for £175,000.

The book value of the investment in WHI Australia was £1.56m. There was a £45,000 profit contribution in the year to November 2010. The businesses will continue to work together.

WH Ireland chairman Rupert Lowe has increased his stake in WHI Australia to 10.3%.

The cash raised in the disposal will be useful to the recently started market making activities.

At 61p a share, WH Ireland is valued at £13.1m.
Download the May 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFMay2011_20.pdf

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