REG - Cenkos Securities - Acquisition of business

Cenkos SecuritiesAnnouncement

01/08/2018 07:05

RNS Number : 3917W
Cenkos Securities PLC
01 August 2018
 


1 August 2018
 
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement. 
 
Cenkos Securities plc
("Cenkos" or the "Company")
 Acquisition of business
 
Cenkos Securities plc (AIM:CNKS) is pleased to announce that it has entered into an agreement for the acquisition of the Nominated Adviser and Corporate Broker business of Smith & Williamson (the "Business"). Under the terms of the agreement, Cenkos has agreed to pay Smith & Williamson deferred consideration equal to 20% of all corporate finance fees earned by the Business from existing clients transferring to Cenkos during the 12 months following completion.  The agreement contains a cap on deferred consideration of £2m though in reality the level of deferred consideration is expected to be significantly below that.
The transaction is expected to complete by November 2018, following the undertaking of due diligence on existing clients of the Business which may transfer as part of the transaction.  As a result of the acquisition, a team of 6 will join Cenkos' Corporate Finance department with effect from completion of the transaction.
 
For further information, please contact: 
 
Cenkos Securities plc                                                                                           Tel: 0207 397 8900
Anthony Hotson, Chief Executive Officer
 
SPARK Advisory Partners Limited                                                                     Tel: 0203 368 3552
Matt Davis, Nominated Adviser
 
Whitman Howard Limited                                                                                  Tel: 0207 659 1224
Nick Lovering, Broker
 
Buchanan Communications                                                                               Tel: 0207 466 5052
Augustine Chipungu, PR Adviser
 




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