WH Ireland Group Plc (WHI.L) said it has significantly reduced its stake in its unit, WH Ireland Australia Pty Ltd., the holding company of Perth based stockbroking company, DJ Carmichael Pty Ltd.
The Group has agreed the sale of a 39.35% holding, totaling 48,500 shares, for a consideration of A$1.27 million and the sale is being made to a group of investors substantially comprising the existing directors and employees of DJ Carmichael. Rupert Lowe, chairman of the Group and also a director of WHI Australia, is purchasing 7,000 shares for a cash consideration of A$183,890.
Four other directors of WHI Australia are buying a total of 10,000 shares for a total cash consideration of A$262,700. Hence, the Group said it now owns a 37.28% shareholding, representing 45,945 shares in WHI Australia. The company added that the consideration is being satisfied in cash and will increase the working capital of the Group.
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