LONDON (Alliance News) - Armstrong Ventures PLC said Thursday that it has raised GBP330,000 through a placing of 1.57 billion shares at a price of 0.021 pence per share to use for investment and general working capital.
The placing shares represent about a 42.7% interest in the company's enlarged issued share capital.
Within this, Pires Investments PLC has subscribed for 476.2 million shares, or a 13% interest in the company, for GBP100,000. Pires Chairman Peter Redmond has been appointed as an executive director of Armstrong Ventures.
Redmond is also a director of Kennedy Ventures PLC.
"Our investment in Armstrong, we believe, takes our strategy forward. Some of the transactions that we see require a rapid route to the public markets and we consider that having a significant stake in an AIM-quoted investment company will facilitate our ability to provide such a route," Redmond said in a statement. "There are a number of possible transactions that we will review with the Armstrong board in the coming weeks."
Shares in Armstrong were down 9.1% at 0.0250 pence Thursday, while Pires was down 2.2% at 0.0440 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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