PLC News 2010
14 May 2010
Hugh de Lusignan and Douglas Kearney
Westhouse Holdings plc (AIM:WHL) the integrated corporate finance and broking house focusing on small and mid-cap companies, announces today that Hugh de Lusignan and Douglas Kearney are leaving Westhouse to pursue other business interests.
Hugh de Lusignan, formerly Chief Executive of SovGEM Limited ("SovGEM") and a director of the Company's operating business Westhouse Securities Limited, together with Douglas Kearney, formerly Finance Director of SovGEM, joined Westhouse in June 2009 through Westhouse's reverse acquisition of SovGEM. Since joining Westhouse they have continued successfully to run the former SovGEM investment portfolio acquired by Westhouse.
As stated in the results for the year ended 31 December 2009, the Board has adopted a policy of gradual liquidation of the investment portfolio, taking advantage of the substantial appreciation in a number of the investments. As at 31 December 2009, £1.23 million had been realised in cash subsequent to the reverse acquisition and the remaining investment portfolio was valued at £4.36 million.
William Staple, Chief Executive, said: "Hugh and Douglas joined Westhouse through the reverse acquisition of SovGEM in June 2009 and their expertise has contributed substantially to the success of the merger and the continued strong performance of the investment portfolio. The Board joins me in wishing them every success for the future."
For further information:
| Westhouse Holdings plc | |
| William Staple, Chief Executive | Tel: +44 (0) 20 7601 6100 |
| bill.staple@westhousesecurities.com | www.westhousesecurities.com |
| Nominated Adviser Smith & Williamson Corporate Finance Limited |
|
| Azhic Basirov, Charles Combe | Tel: +44 (0) 20 7131 4000 |
| corpfinance@smith.williamson.co.uk | www.smith.williamson.co.uk |
| Broker | |
| Westhouse Securities Limited | |
| Tim Metcalfe | Tel: +44 (0) 20 7601 6100 |
| tim.metcalfe@westhousesecurities.com | www.westhousesecurities.com |
Media enquiries:
Abchurch Communications Limited |
|
| Henry Harrison-Topham, Quincy Allan | Tel: +44 (0) 20 7398 7710 |
| quincy.allan@abchurch-group.com | www.abchurch-group.com |
Notes to editors
Westhouse Holdingsplc is an integrated corporate finance and broking house offering corporate advisory, broking, trading and M&A services to small and mid-cap companies. It specialises in servicing fast-growing companies, particularly those operating in emerging markets and in the natural resources sector. Its operating subsidiary, Westhouse Securities Limited, is authorised and regulated by the FSA, is a member of the London Stock Exchange, and is a registered AIM Nominated Adviser and Broker.
Westhouse Securities has a team of highly accomplished corporate finance, broking and research specialists with strong and diverse track record in the small and mid-cap sector. The team is further supported by an Advisory Panel whose members' experience in growing advisory businesses is well recognised throughout the corporate broking industry.
WesthouseSecurities is headquartered in London, has an office in Leeds, and employs more than 40 people. The Company continues to exploit opportunities in overseas markets through its strategic alliance with Agile Partners, based in Beijing, and through close working relationships with a number of other advisory businesses worldwide.
For further information, please visit www.westhousesecurities.com