LONDON (Alliance News) - Onzima Ventures PLC Monday said it has made a GBP50,000 investment to take a small stake in fellow AIM-listed Glenwick PLC, representing its first investment since its restructuring in September.
Onzima made the investment in Glenwick through a placing, subscribing to 50.0 million new Glenwick shares at 0.1 pence per share, totalling GBP50,000 to take a 3.63% stake in the company.
That investment was part of the placing announced by Glenwick last Thursday, which in total comprised of 250.0 million new shares. Glenwick is an investment company focused on the natural resources sector with an initial focus on North America and Australasia - fitting in well with Onzima's strategy since its restructuring back in September.
Onzima Ventures was formerly known as Ultima Networks, which in September launched plans to sell all of its operating subsidiaries, raise money via a placing, and convert itself into an investing company with its new name.
Onzima is now focused on investments in the natural resources sector, with an initial focus on Africa and North America. The stake acquired in Glenwick represents Onzima's first investment since changing its name and strategy.
"Onzima is in the process of considering a number of other investments and looks forward to making further announcements in due course," it said in a statement.
Prior to the restructuring, Ultima Networks had an IT services business and a green technology division that developed and supplied electric powered bicycles and specialist electrical goods.
Onzima shares were down 1.0% to 0.619 pence per share on Monday morning whilst Glenwick shares were trading down 16% to 0.128p.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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