SocialGO has sold its social networking operations, turned itself into a shell and changed its name to Tavistock Investments.
The new investing strategy is focused on the UK financial services sector and the search will be led by chairman Oliver Cooke.
The original business was sold for £1 to DWAV and shares in the acquirer will be distributed to SocialGO shareholders so they own the same proportion of DWAV. Tavistock has raised £200,000 at 0.05p a share. A further 35m shares have been issued to cover adviser fees.
At 0.06p a share, Tavistock is valued at £540,000.
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