The wider market is unhappy. Shares in WH Ireland sank by almost 27 per cent by the close of London trading on Friday 10 October after briefly rallying the previous day on news of the shareholder decision. Since the start of the year, they have crashed by 60 per cent. 

In a statement last week, Oberon’s board said it noticed an 8 October announcement from following media speculation about the proposed deal. Oberon said that, after taking legal advice, it understands that its asset purchase agreement remains “valid and binding,” with talks continuing until 31 December this year. 

In a vote, published on 9 October, 95.63 per cent of WH Ireland shareholders voted against the resolution; 55.5 per cent voted against a delisting proposal.

In the 22 September statement setting out the case for buying WH Ireland, Oberon said the acquisition would strengthen its position "as a fast-growing UK full-service boutique," adding offices in Manchester and Poole to its London headquarters and a back office in Basildon, increasing its regional footprint, client access, and operational scale. Oberon has secured £4.58 million in new funding via convertible loan notes and an equity raise – giving the group the financial firepower to support integration and accelerate its growth strategy.