The Directors intend to seek to acquire a direct interest in one or more entities in the technology sector. The Company will focus on opportunities in Europe and the UK in particular but will consider possible opportunities anywhere in the world in any sector. In particular the Company will consider ventures that:
The Company may invest by way of purchasing equity, debt, convertible or other instruments in listed or unlisted companies, outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, or by entering into partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company (which may be private and/or may be pre-revenue) and such investments may constitute a minority stake in the venture in question although this is not the Board’s preferred option. The Company will not have a separate investment manager.
The Company intends to be an active investor but may consider a passive investment depending on the nature of the individual investment. Although the Company intends to be a medium to long-term investor, the Directors will place no minimum or maximum limit on the length of time that any investment may be held.
There will be no limit on the number of investments which the Company may make, and the Company’s financial resources may be invested in a number of propositions but the Board’s preferred option is that just one investment will be made, which is likely to be deemed to be a reverse takeover pursuant to Rule 14 of the AIM Rules. The Company will carry out an appropriate due diligence exercise on all potential investments and, where appropriate, with professional advisers assisting as required. The Board’s principal focus will be on achieving capital growth for Shareholders.
Investments may be in all types of assets class and there will be no investment restrictions on asset classes although the Board’s preference will be for debt or equity investments.
The Board between them have the experience of working in and running businesses in a variety of sectors including the technology sector. This combined with the accountancy expertise of one of the members of the board leaves them well placed to assess potential investments.
The Company may require additional funding as investments are made and new opportunities arise. The Directors may offer new ordinary shares by way of consideration for investments as well as cash, thereby helping to preserve the Company’s cash resources for working capital. The Company may, in appropriate circumstances, issue debt securities or otherwise borrow money to complete an investment. The Directors do not intend to acquire any cross-holdings in other corporate entities that have an interest in the ordinary shares.
If the Company has not implemented its Investment Policy within one year of becoming an investing company, the Company’s ordinary shares will be suspended from trading on AIM and the Board will consult shareholders on whether to continue to be an investing company or return funds to shareholders. If the Company’s Investment Policy has still not been implemented 18 months after becoming an investing company the admission to trading on AIM of the Ordinary Shares would be cancelled.
Disposal of Feedback Data
Further to the announcement made on 30 May 2013 which confirmed that the Company’s shareholders had approved the disposal of Feedback Data plc (“Feedback Data”) to Belgravium Technologies plc (“Belgravium”) (“the Disposal”), the Company is pleased to announce that the Disposal was completed as at close of business on 31 May 2013. ... Read more