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(Alliance News) - Draper Esprit PLC on Wednesday said it has acquired the remaining stake in Encore Ventures for GBP4.0 million worth of shares.
Encore Ventures is the partnership that manages Draper Esprit's EIS funds, which have around GBP160.0 million worth of assets under management.
The digital technology investor said it will buy the remaining 28% interest it does not already own through the issue of 796,812 shares at 502 pence each.
The stock was trading 0.4% lower at 500.00p each on Wednesday morning in London.
Following admission of the new shares, Draper Esprit's share capital will comprise 118.9 million shares.
For the year to the end of March, Draper expects Encore Ventures revenue of GBP2.8 million with the amount expected to increase further in 2021.
"Consolidating our ownership of our EIS business better aligns our group structure to support the continued scale-up of our business. One of our overall goals at Draper Esprit is to democratise investment, allowing a range of different savers and investors access to the returns that the high-growth companies in which we invest provide, said Draper Chief Executive Martin Davis.
"Our market leading EIS funds already support this goal but, by acquiring the outstanding legal interest in the shares we didn't own, we have consolidated our ability to offer this while simultaneously increasing the fee revenue into the Draper Esprit business," he added.
By Ife Taiwo; ifetaiwo@alliancenews.com
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