RE: JP Jenkins31 Mar 2022 08:38
Ridgecrest Plc (formerly Nakama Group Plc) became an AIM Rule 15 cash shell (“AIM Cash Shell”) on 5 January 2021. Admission of Ridgecrest’s shares to trading on AIM was cancelled on 7 January 2022.
On 31 March 2022 Ridgecrest announced that it has made an investment of £300,000 in the parent company of Fast2Fibre Limited (“Fast2Fibre”) and has committed to invest a further £200,000 at a later date on the achievement of certain conditions. Fast2Fibre is a UK technology company with an innovative, patented solution for upgrading cabling. Fast2Fibre’s patented copper replacement solution allows the inner core of buried or ducted copper telecommunications, coaxial or electrical distribution cables to be extracted and replaced with fibre, without the need for excavation. The initial target market is telecoms companies, both domestic and overseas, installing fibre from exchanges to homes and businesses. The market is being fuelled by customer demand and by a requirement from governments around the world for fibre-enabled networks. The secondary major growth opportunity is in the power sector.
After its investment, Ridgecrest retains cash balances of approximately £1.2 million.