News blog

Evolve Capital

  • BY: Andrew Hore |
  • POSTED: 02/08/2010 |

Investment company Evolve Capital has announced its proposed £1m open offer.

Evolve is offering nine new shares for every eight existing shares at 0.5p each. That is a large discount to the current share price of 1.75p. That values the existing share capital at £3.12m.

The cash will be used to invest in existing Plus-quoted investments and new opportunities. The running costs of the company are being reduced. It does not appear that Evolve will be able to cash in on its holding in Aim adviser Astaire.

If the full £1m is not raised then Kimono will subscribe for loan notes to make up the shortfall.

The par value of the shares is being reduced from 1p to 0.1p in order to allow the shares to be issued at 0.5p. The closing date for the open offer is 24 August.

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds