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Osborne Morris & Morgan > News and Articles > Family > Executive may transfer half his company holdings to ex-wife

Executive may transfer half his company holdings to ex-wife


Posted on 21 Mar 2016, in Family
 

Bedfordshire investors may now be aware of the divorce of the executive chairman of the wealth management firm Mattioli Woods, as it has become financial news. Divorce proceedings typically require a division of marital property, including any stocks and other financial investments, and his 15.1 per cent stake in the public company was included in the consent order between the executive and his ex-wife.

The consent order is still to be approved by the family court before it becomes binding. However, the firm explained the terms of the arrangement to the London Stock Exchange in a public statement. Although he has agreed to hand over half of his shares in the company to his ex-wife, it will initially be in the form of an equitable charge, and he will retain full control of the holdings, according to the statement. In July 2019, should his ex-wife agree, he may pay the value of the charge in the form of other assets that may include cash or ordinary shares.

The executive chairman co-founded Mattioli Woods in 1991 and holds in excess of 3 million shares in the company. Following a rise of over 14 per cent over the last 12 months, the shares are trading in the region at 512.2 pence.

A consent order is a document that shows that both parties agree to the way the financial assets have been divided. In order for this document to be legally binding, it will need to be signed by both parties. A solicitor experienced in high-asset divorces may be able to draft such a document after assisting a client with the negotiations of the financial settlement.

 

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