Related Party Transactions

RNS Number : 1775X

Kingswood Holdings Limited

31 December 2021

 

KINGSWOOD HOLDINGS LIMITED

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

Related Party Transactions

Kingswood Holdings Limited (AIM: KWG), announces that during the financial years ending 31 December 2018 ("FY2018") and 31 December 2019 ("FY2019") it entered into a number of transactions with Kingswood LLP, Moor Park Capital Partners LLP ("Moor Park") and KPI (Nominees) Ltd ("KPI Nominees") consisting of total payments of £298,520 in 2018 and total payments of £215,894 and a receipt of £20,000 in 2019.

The costs incurred related to:

-  Director fees for Gary Wilder and Jonathan Massing (2018 £85,812 and 2019 £125,000);

-  Kingswood LLP provided accounting support and payroll related services to the Company (2018 £25,038 and 2019 £90,894);

-  Moor Park provided consultancy services to the Company in FY2018 through Gary Wilder (£167,428); and

-  A recharge of legal fees incurred by KPI Nominees on behalf of the Company (£20,242).

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. Gary Wilder is also the executive chairman of Moor Park. KPI Nominees is a significant shareholder in the Company. Jonathan Massing and Gary Wilder each have a beneficial shareholding in KPI Nominees.

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 the various parties with which the Company transacted.

For further details, please contact:

Kingswood Holdings Limited	[phone]
David Lawrence	www.kingswood-group.com
finnCap Ltd (Nomad & Broker)	[phone]
Stuart Andrews / Simon Hicks / Abigail Kelly
GreenTarget (for Kingswood media) Jamie Brownlee / Alice Gasson / Ellie Basle	[phone] [e-mail]

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa £7.8 billion of Assets under Advice and Management. It services circa 8600 clients from a growing network of offices in the UK including Abingdon, Beverley, Darlington, Derby, Grimsby, 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.

 

END

 

 

MSCFIFVAFALLVIL