Last checked at 8 Jan 2016 12:36
8 January 2016
Braveheart Investment Group plc
('Braveheart' or the 'Company')
Disposal of interest in WhiteRock Capital Partners ("WhiteRock")
The board of Braveheart is pleased to announce that it has sold its 33.3% interest in WhiteRock to WhiteRock Finance Limited, which comprises the local senior management team led by Paul Millar, the chief investment officer of WhiteRock, for a consideration of £100,000 in cash. WhiteRock is a three way joint venture which manages the £50m Northern Ireland Growth Loan Fund which supports SMEs in that region.
The investment was valued at £5,000 in Braveheart's accounts at 30 September 2015. The profit attributable to the interest included in Braveheart's accounts for the year ended 30 September 2015 was £105,000, which included a number of non-recurring items. The proceeds of the sale of the interest, together with the repayment of a loan to the Growth Loan Fund of £106,000, and the release of an obligation on Braveheart to invest a further £105,000 into the fund, will increase the Company's cash reserves and will be used for general working capital.
Further information:
Braveheart Investment Group plc
Trevor Brown, CEO Tel: +44 1738 587555
Sanlam Securities UK Limited (Nominated Advisor and Broker to Braveheart)
Lindsay Mair / James Thomas Tel: +44 20 7628 2200