Shareholders of troubled wealth manager WH Ireland will vote on Thursday on the recommended acquisition by rival wealth manager Team.
Team shareholders voted in favour of the merger at its EGM on 29 December.
On 27 November, the boards of the two firms announced that they had reached agreement on the terms and conditions of a recommended offer for WH Ireland by Team.
The deal valued WH Ireland at around £12.7m and the enlarged group would have a market capitalisation of around £30.3m. It would leave the combined firm with assets under management and administration of around £2.1bn.
Almost two thirds (61%) of WH Ireland shareholders had previously supported the deal, giving the acquisition the go-ahead.
The merger remains subject to FCA approval and being approved by WH Ireland scheme shareholders at a court meeting and general meeting being held on 8 January.
The firm urged WH Ireland shareholders to submit their proxy votes for these meetings.
WH Ireland said: “It is important that, for the court meeting in particular, as many votes as possible are cast, so that the court may be satisfied that there is a fair representation of opinion of the scheme shareholders.
“WH Ireland shareholders are therefore strongly urged to sign and return their forms of proxy or to appoint a proxy through the Sharegateway website or CREST for both the court meeting and the WH Ireland general meeting as soon as possible.”
Last month WH Ireland said revenue fell 21% in the first half of the year to £4.2m as assets under management declined. Discretionary and advisory assets under management fell 11% to £680m while group assets under management dropped 12% to £970m.
It said both revenue and assets under management are expected to fall further before the end of the 2026 financial year.
In October WH Ireland said it was currently loss-making but had, “sufficient liquidity and regulatory capital” to continue operating.
In its latest full year results WH Ireland reported a pre-tax loss of £1.9m, following a loss of £2.5m the previous year.
For the financial year 2025, the group reported a 39% decline in total revenue, from £21.5m to £13.2m, largely due to the sale of the CM business in July 2024. The group also incurred redundancy and project costs totalling £0.9m, mostly related to the board's efforts in exploring strategic opportunities.
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