REG - Kingswood Holdings - Master Services Agreement with Kingswood LLP

Kingswood HoldingsAnnouncement

25/03/2022 16:45

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RNS Number : 1277G  Kingswood Holdings Limited  25 March 2022

KINGSWOOD HOLDINGS LIMITED

("Kingswood", the "Company" or the "Group")

Master Services Agreement with Kingswood LLP

Kingswood Holdings Limited (AIM: KWG), the international, vertically
integrated wealth and investment management group, announces that on 24
December 2020 it entered into a Master Service Agreement ("MSA") with
Kingswood LLP to provide services in relation to payroll, back-office support,
financial due diligence, transition and separation services, corporate finance
transactional support and preparing statutory financial statements. The MSA
contains a provision which caps the maximum payment due to Kingswood LLP in
any calendar year at £250,000 or such other amount as the parties agree. This
amount was subsequently increased to £400,000 in relation to the year ending
31 December 2021. In each case, the quantum paid to Kingswood LLP was
considered de minimis in the context of the Company.

The Company has today agreed with Kingswood LLP to increase this cap to
£625,000 for the year ending 31 December 2022. This increase is made in
anticipation of enhanced M&A activity within the Group for which the
Company will utilise the support and services offered under the MSA.

The Company amending the MSA with Kingswood LLP is considered to be a Related
Party Transaction under the AIM Rules. Jonathan Massing, Non-Executive
Director of the Company, is the majority shareholder of Kingswood LLP and Gary
Wilder, Group Chief Executive Officer of the Company, is a member of the
Kingswood LLP partnership. Jonathan Massing and Gary Wilder also each have a
beneficial shareholding in KPI Nominees. KPI Nominees is a significant
shareholder in the Company.

The independent directors of the Company, having consulted with finnCap Ltd in
its capacity as the Company's nominated adviser for the purposes of the AIM
Rules, consider the terms of these transactions to be fair and reasonable
insofar as the Company's shareholders are concerned.

The independent directors in relation to these matters are all of the
directors of the Company except for Jonathan Massing and Gary Wilder, who are
not considered independent because of their interests in Kingswood LLP.

 

For further details, please contact:

 Kingswood Holdings Limited                          +44 (0)20 7293 0730
 David Lawrence                                      www.kingswood-group.com (http://www.kingswood-group.com/)
 finnCap Ltd (Nomad & Broker)                        +44 (0)20 7220 0500
 Stuart Andrews / Simon Hicks / Abigail Kelly
 GreenTarget (for Kingswood media)                   +44 (0)20 7324 5498

 Jamie Brownlee / Alice Gasson / Ellie Basle         Jamie.Brownlee@greentarget.co.uk (mailto:Jamie.Brownlee@greentarget.co.uk)

 

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG)
international fully integrated wealth management group with circa 9.1
billion of Assets under Advice and Management. It services circa 19,300
clients from a growing network of offices in the UK including Abingdon,
Beverley, Conisbrough, Darlington, Derby, Essex, Grimsby, Hampshire,
Harrogate, Hull, Lincoln, London, Maidstone, Newcastle, Sheffield (2),
Worcester and York with overseas offices in Johannesburg, South
Africa and Atlanta, New York and San Diego in US.

Kingswood offers a range of trusted investment solutions to its clients, which
range from private individuals to some of the UK's largest universities and
institutions, including investment advice and management, personal and company
pensions and wealth planning. Kingswood is focused on becoming a leading
player in the wealth and investment management market through targeted
acquisitions in the UK and US, creating a global business through strategic
partnerships.

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