Share Placing and FCA settlement
​WH Ireland has this morning announced the terms of a settlement with the FCA relating to deficiencies in the systems and controls for the protection against risk of "market abuse" during a period 3 years ago. The sanctions comprise a fine and a temporary restriction on its investment banking division.
In a separate announcement WHI has also announced that it has placed 1,193,000 new ordinary shares to raise approx. £1,070,000, at a price of 90p per share, (a premium to last night's close). This placing has been supported by its 2 biggest institutional shareholders, Oceanwood Capital and Polygon, who between them will now own over 30% of WHI.
The group's top management, including compliance, has been completely replaced and strengthened since Richard Killingbeck's appointment as CEO in 2013: Dan Cowland joined as Finance Director in March 2014, Jamie Baptiste was recruited for a new role as Head of Group Risk in December 2014, and a new compliance officer, Graeme Pollok was appointed in December 2015. Tim Steel, formerly with Cazenove Capital Management, joined the board as a non-executive director in March 2014 and was elected Chairman in December 2015.
The completion of this long-drawn-out discussion which has absorbed a lot of top management's time and energy frees them to return to their "day job" of running the company. WHI is due to report its Final results (for the year to 30 November 2015) on the 29th of February.
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