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VPhase / Iafyds

  • BY: Andrew Hore |
  • POSTED: 22/01/2014 |

VPhase is being turned into a shell following its exit from administration.

The former voltage optimisation products developer is seeking a business with strong management and an established product. This should be a cash generative business with a significant potential market. There is no specific sector that the board will focus on but the business is likely to be a UK-based company.

Former finnCap head of corporate finance Clive Carver and Colin Hutchinson are joining the board. Both men have been involved with oil and gas company Ascent Resources.

A placing has raised £150,000 at 0.003p a share. The nominal value of the shares will be reduced from 0.25p to 0.003p. Henderson has acquired all of the shares raising its stake in VPhase from 25.8% to 83.9%.

The shares have come back from suspension and the price has fallen from 0.18p to 0.11p, having been 0.06p a at one point. The bid/offer spread is 0.08p/0.13p.

VPhase will have £119,000 left after expenses and this will fund the payment of creditors and working capital.

The company’s name will be changed to Iafyds.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFJanuary2014_52.pdf

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