WH Ireland shareholders have rejected plans to sell the firm's wealth management business and delist the company from the Alternative Investment Market (AIM).

In September, WH Ireland announced that it had reached an agreement to sell its wealth management business to Oberon Investments for £1m.

The firm also announced plans to wind down following the completion of the deal and delist from the AIM.

However, at its general meeting on 9 October, shareholders overwhelmingly rejected the planned acquisition by Oberon Investments, with 95.63 per cent of votes against the resolution.

The resolution to delist from the AIM also failed, with 55.5 per cent of votes being against the proposal.

In an update following the meeting, the company directors said they would consult with principal shareholders to consider the future plans of the business.

They noted that the group continues to be loss-making, but has sufficient liquidity and regulatory capital to continue operating on a ‘business-as-usual’ basis.

The WH Ireland non-executive directors concluded that the rejection of the resolutions was effectively a vote of no confidence in the board that left them with "no option" but to tender their resignations.

Simon Moore and Garry Stran have notified the board they will resign as directors of the company, effective from 9 January 2026, or earlier by mutual agreement with the board.

In a statement following the rejection of the resolutions, Oberon confirmed its view, notwithstanding the outcome of the vote, that the asset purchase agreement (APA) between Oberon and WH Ireland "remains in place, with the parties' obligations to use all reasonable endeavours to procure that the APA becomes 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," Oberon stated.

"Oberon continues to believe that an orderly transition of WH Ireland'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."

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