Barrick Gold Chairman invests in Secure Property Development & Investment

South Eastern European-focused property and investment company Secure Property Development & Investment- formerly AISI Realty Public Limited- has announced its intention to raise at least 16m dollars (approximately 10.1m pounds) to pursue acquisition targets.

South Eastern European-focused property and investment company Secure Property Development & Investment- formerly AISI Realty Public Limited- has announced its intention to raise at least 16m dollars (approximately 10.1m pounds) to pursue acquisition targets.

In an update posted today, the company stated that it would undertake this via a placing of new ordinary shares of 0.01 euros each in the capital of the company to new and existing investors at 0.74 pounds per placing share.

Commitments to subscribe in the placing had been received from five institutional investors for $16m at the time that the trading update was published.

The placing price represents a premium of 15.6% to the closing price of the company's ordinary shares on January 23rd.

According to the company, the majority of the placing shares had been subscribed for by businessmen Peter Munk and Ned Goodman via Dundee Corporation, an independent publicly traded Canadian asset management company.

Munk is the Chairman and founder of mining company Barrick Gold. Goodman is President and Chief Executive Officer of Dundee Corporation.

The group stated that the placing represented Secure Property Development & Investment's first step towards the implementation of its strategic plan for growth.

It stated that it aims to increase its income generating capacity by enhancing its asset base through the acquisition of core income producing commercial properties.

It added that a number of potential investment opportunities had been identified and were under exclusive negotiations, the first of which could be funded with the placing proceeds.

Lambros Anagnostopoulos, Secure Property Development & Investment's Chief Executive Officer, commented: "To have received commitments for $16m of additional funds from a number of new investors, particularly such well-respected businessmen as Peter Munk and Ned Goodman, backing the company and its strategy, reflects extremely positively on our success in restructuring the company and gives a vote of confidence to our plans for future growth.

"The company is now strongly positioned to pursue both a number of exciting acquisition targets that we have already identified, and attract further investment. Our aim is to build on these successes, by continuing to grow the Company and create value for our shareholders."

MF

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Bank of England hikes key interest rate to 4.25%
UK Economy

Bank of England hikes key interest rate to 4.25%

The Bank of England raised rates by 0.25% following a surprise jump in inflation.
23 Mar 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

The Bank of England raised rates to 4.25%, its 11th consecutive increase. Does the base rate have further to go?
23 Mar 2023