WH Ireland Shareholders Reject Wealth Management Sale, Trigger Board Resignations

WH Ireland Group plc's shareholders overwhelmingly rejected proposals to sell its wealth management business to Oberon Investments and to delist from the AIM market, with nearly 96% voting against the sale and 55.5% against delisting. This outcome led to the resignation of non-executive directors Simon Moore and Garry Stran, who viewed the vote as a lack of confidence in the board. Despite the rejection, Oberon stated that the asset purchase agreement remains valid and binding, and both parties continue constructive discussions aiming for a successful outcome by the end of 2025. WH Ireland is loss-making but has sufficient liquidity to maintain operations while consulting with major shareholders on future plans. The sale, valued at £1 million, would have expanded Oberon's wealth management footprint, but opposition from investors, including notable figures, contributed to the deal's failure. WH Ireland, historically a significant player in Manchester's financial sector, now faces uncertainty regarding the future of its wealth management division, which holds approximately £850 million in assets under administration.