WH Ireland shareholders have vetoed plans for Oberon Investments to acquire the firm’s wealth management business at WH Ireland’s (WHI) general meeting.
The proposed acquisition was voted down by 95.6% of participating shareholders, while 55% voted against the proposed delisting of WHI from the AIM market.
WH Ireland said it will consult its key shareholders on future plans for the business.
Following the meeting, non-executive directors Simon Moore and Garry Stran announced their resignation, which will take effect on January 9.
Despite the outcome of the vote, Oberon is seeking to go ahead with the £1m deal, with both parties obligated to “use all reasonable endeavours” to ensure the asset purchase agreement is unconditional continuing until 31 December 2025.
“Both parties remain in constructive discussions and are exploring potential options to deliver the best outcome for clients and stakeholders,” a shareholder notice said.
“Oberon continues to believe that an orderly transition of WHI’s clients to the Oberon platform would represent a strong strategic and operational fit, ensuring continuity of service and the highest standards of client care.”
