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Kingswood announces plans to convert HSQ preference shares
(Sharecast News) - Wealth and investment manager Kingswood Holdings announced plans on Friday for the conversion of 77,428,443 convertible preference shares, which it issued in 2019. The AIM-traded firm said the conversion was set to be executed in 2024, and would involve HSQ Investment, a wholly-owned indirect subsidiary of funds managed or advised by Pollen Street Capital.
It said the conversion process would adhere to the previously-communicated price of 16.5p per share, encompassing the value of convertible preference shares along with associated preference dividends at a 5% annual accrual rate, as stipulated in the terms of the shares.
Kingswood said the successful completion of the conversion was contingent on securing regulatory approvals in several jurisdictions, a process that was currently underway.
Once all conditions were met, Kingswood said it would apply for the new shares to be admitted to trading, on par with existing ordinary shares.
On admission of the new shares, HSQ was expected to hold a majority stake, accounting for over 50% of the group's enlarged issued share capital.
Reporting by Josh White for Sharecast.com.
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