LONDON (Alliance News) - Onzima Ventures PLC on Friday said it has sold its 50.0 million shares in Glenwick PLC for GBP75,500 net of all costs, which it said was equivalent to a 50% return on its investment in less than one month.
Both companies are listed on London's AIM. Onzima Ventures did not state the identity of the buyer of its stake.
"Pursuant to our investing policy our investments are likely to be held for the short to medium term in the case of publicly-traded holdings. We have been opportunistic in realising a 50% return in a very short period on our first investment," Chief Executive Gavin Burnell said.
Burnell said the profit made on the investment will contribute to the company's ongoing costs as it consider the acquisition of "more substantial" stakes.
"As we experience a continued market downturn it presents us with a number of exciting investment proposals which we believe could be an ideal fit for the company. We are in a strong cash position and we are making good progress on securing our second investment," Burnell said.
Shares in Onzima Ventures were down 2.9% at 0.631 pence on Friday, while shares in Glenwick were up 9.0% at 0.169p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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