Cash shell Sacoven has joined the AIM market, after raising funds for investment purposes through a share subscription.
The company raised £3m after issuing shares at £1 a throw. The money will be used to invest in businesses or assets in the natural resources or consumer goods sectors. These sectors have been selected as they are the ones in which the company's investment adviser, Vasari Global, and investment team have relevant expertise, not to mention "an extensive network of relationships".
Vasari Global is an international private wealth, multi-asset investment advisory firm with experience of owning and growing companies across a variety of sectors in Europe, Asia, Africa and South America.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As Sacoven's investment adviser it will provide strategic advice regarding a variety of asset classes and industry sectors with a speciality in branded goods, manufacturing and natural resources.
When looking at acquisitions in the natural resources sector, the company intends to focus on Europe and emerging markets, while in the consumer goods sector, the same geographical focus will apply, save that African companies have been ruled out.
The company does not anticipate the need to use any overdraft or short term borrowing facilities to satisfy short term working capital needs, including meeting any expenses or fees payable by the company, in advance of completion of any acquisition. However, the company does anticipate that debt will be used to fund a proportion of the consideration for the acquisition.
The company does not intend to pay dividends before any acquisition is made. Once an Acquisition has been made, the directors will review this policy based upon the performance of the company following such acquisition.
The company is being advised by Liberum Capital.
-
Lloyds, Halifax and Bank of Scotland to shut another 45 branchesLloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
-
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
