Woodbrook also announced that it has acquired a company in the US in advance of preparing to meet requirements for listing in the US.
Speaking to International Adviser, Woodbrook chief executive Michael Doherty explained: “The group decided to pursue an IPO through a private equity firm in the US.
“Through discussions, we found that the easiest solution would to be a reverse public offering. It works by us identifying a company that is already listed, with a clean share class, and purchasing it.”
Also known as a reverse takeover, the move sees Doherty installed as chief executive and president of the newly restructured business.
He is joined by existing senior Woodbrook executives: Senan McGonigle as chief operating officer, Maria Milaj as chief commercial officer, and Christina Doherty as director of IT and marketing.
Doherty declined to name the US company involved in the reverse IPO.
Woodbrook remains sole focus
International Adviser, however, has seen a document that strongly indicates that it is called Neuro-HiTech.
A share exchange agreement was announced between the firm and Woodbrook Group on 29 October 2018.
According to the document: “Under the agreement, we [Neuro-Hitech] acquired all of the issued and outstanding capital stock of Woodbrook in exchange for issuance to the former shareholders of Woodbrook, on a pro rata basis, of 2.4 million of our newly designated series A convertible preferred stock.”
It goes on to state: “Following the closing of the agreement, we intend to continue the business of our newly acquired subsidiary, Woodbrook, as our sole focus.”
The document also confirms the appointments of Michael Doherty, McGonigle, Milaj and Christina Doherty in the positions outlined above.
No financial details of the deal were disclosed.
Doherty, who recently appeared in International Adviser’s list of the most influential people in the industry, said the firm has “worked hard [towards] the milestone” of potentially listing on the Nasdaq.
“This will enable us to grow as an organisation and expand in new markets without compromising on our integrity and the bespoke services we provide to our clients.”
The firm has a target of €20bn (£17.7bn, $22.6bn) of assets under management within the next three to four years.
“The only way to do that is by acquiring companies,” Doherty told IA, adding that Woodbrook already has its eye on at least four firms.