WH Ireland halves Aussie stake

LONDON (ShareCast) - Stockbroker WH Ireland has slashed its stake in its Australian business, selling more than half its shares to local bosses for A$1.27m (£0.7m) in cash.

It sold 48,500 shares, or a 39.35% interest in DJ Carmichael, mainly to the Perth based broker's directors.

That leaves the UK firm with a 37.28% holding, or 45,945 shares, in WHI Australia, which lost A$542,631 (£0.3m) after tax in the six months ending 31 May 2009.

"This deal represents an excellent development for all parties," said WH Ireland boss Richard Ford. "It incentivises the local management and employees of DJ Carmichael to maximise its future growth with the benefit of the team's in-depth local knowledge and experience."