(Alliance News) - Braveheart Investment Group PLC on Friday reported the conditional raising of around GBP135,000, as it looks to maintain the upside prospects of its holdings.
The Dodworth, England-based investment company said that pre-expenses, it has conditionally raised approximately GBP135,000 through issuing 6.8 million shares at a price of 2 pence per share.
Chief Executive Officer Trevor Brown is subscribing for GBP60,000 worth of shares in the placing, said Braveheart. His holding in the firm will represent approximately 28% of the voting rights of the enlarged share capital.
The placing proceeds are set to be utilised for general working capital purposes, with Bravehart noting a cash balance of GBP73,000 as of Thursday this week.
Shares in Braveheart tumbled 29% to 2.47 pence on Friday afternoon in London.
The firm noted listed costs of around GBP400,000 per year, with income per annum currently around GBP100,000.
Bravehart said its portfolio of AIM investments is currently valued, based on existing market prices, at around GBP2.2 million. However, current market conditions and underlying prospects for the assets lead management to believe it is not in shareholders interests to begin selling in aid of running costs.
The firm has also granted an opportunity for its qualified shareholders and other investors to participate in the placing on the same basis.
It has granted Peterhouse Capital Ltd, who is acting as broker in connection with the placing, over 5.0 million new shares. It noted that full take-up of these "broker option" shares would raise a further GBP100,000 before expenses.
Braveheart added that neither Peterhouse nor anyone else is underwriting the placing.
It expects AIM admission for the new shares to occur on Friday next week.
By Christopher Ward, Alliance News reporter
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Braveheart Investments (BRH)
