I like the last bit26 Apr 2010 10:58
Entrepreneur and former star fund manager Jim Mellon has announced he will invest £0.1m in media and financial group Rivington Street Holdings via the issue of new shares at 31.50p.
Mellon will become non-executive chairman of RSH subject to completion of its scheme of arrangement.
The company says it continues to make progress with the scheme and its proposed re-domicile to the Isle of Man, expected to become effective by around June 11.
Mellon said, 'I am delighted to increase my involvement in RSH which, I believe, has an incredibly exciting future and I hope that today's investment is seen as a signal of my serious intent.'
RSH chief executive Julian Green said, 'Jim has put his money where his mouth is, he now has a material stake in our business and since his salary will be paid in shares we can expect this to increase over time.
'His vast experience of acquisitions, of building up sizeable fund management businesses and of creating value for shareholders will be invaluable as RSH accelerates its expansion.'