8 Jan 2016 12:36
8 January 2016
Braveheart Investment Group plc
('Braveheart' or the 'Company')
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Disposal of interest in WhiteRock Capital Partners ("WhiteRock")
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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
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Sanlam Securities UK Limited (Nominated Advisor and Broker to Braveheart)
Lindsay Mair / James Thomas Tel: +44 20 7628 2200
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