(Alliance News) - Dev Clever Holdings PLC on Monday said its controlling shareholder Christopher Jeffries has agreed to sell a part of its stake to provide a convertible loan note to the company.
Jeffries will dispose of 50 million shares at a price of 1p each to third party purchasers. Dev Clever shares were trading 6.4% higher in London on Monday at 1.25p each.
Upon completion of this transaction, Jeffries will hold 200.0 million shares in Dev Clever, representing a 46% stake.
The gamification, education and experience products provider said that GBP400,000 net proceeds - after tax, costs and commission - will be used by Jeffries to provide a convertible loan note to the company. These funds will be used by Dev Clever to support the marketing and roll out of its Launchpad careers platform and accompanying Victar virtual reality careers experience, it said.
The Tamworth, England-headquartered company said it expects both Launchpad and Victar to be launched in the North American market from April.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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