(Alliance News) - Vela Technologies PLC, Two Shields Investments PLC and Primorus Investments PLC noted investee company WeShop Ltd has signed pre-initial public offering funding term sheets as it presses ahead with plans to list next year.
Vela holds a 1.4% interest, Primorus 3.5% and Two Shields 7.6% in social e-commerce platform WeShop.
WeShop is planning to list in London during the second quarter in 2020. Paul Ellerbeck, formerly of Daily Mail & General Trust PLC, was appointed as chief executive of the company.
The firm is also backed by EQUI Capital Partners, which was co-founded by Steve Wozniak and Doug Barrowman.
According to WeShop, term sheets have been signed for a per-initial public offering funding round of GBP2.0 million committed by investors. The fundraise is a combination of debt and equity with the shares priced at 598 pence each.
Vela reiterated it would be interested in discussing a potential disposal at a minimum price of 550 pence per share.
Vela Technologies shares were up 9.4% at 0.088 pence, Primorus Investments was down 6.0% at 2.35p, and Two Shields Investments was up 1.5% at 0.13p in London on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Vela Technologies (VELA)
Primorus Inv. (PRIM)