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Braveheart Investment Group

  • BY: Andrew Hore |
  • POSTED: 13/12/2013 |

Braveheart Investment Group is selling Envestors so that it can concentrate on its fund management operations.

Envestors does not have visible revenues because it is a corporate finance business advising small companies trying to raise finance. It has not performed as well as hoped.

Envestors was acquired was acquired in August 2010. The maximum potential consideration was £2.45m in shares issued at 33.87p each. The Braveheart share price is currently 15.5p, valuing the investment management company at £3.61m. 

The buy-out consideration is the cancellation of most of the share issue for the final tranche of deferred consideration. The 882,971 shares due to be issued to three of the buy-out participants will not be issued but the 324,924 due to a fourth person will be issued. There was no mention of the £243,845 due on future exit values of the CPR portfolio, which was also part of the Envestors consideration.

There was goodwill of £615,000 relating to Envestors in the Braveheart balance sheet at the end of March 2013 so this will have to be written-down. There were also £96,000 of brand and database intangible assets relating to the Envestors acquisition.

The management of the Yorkshire Association of Business Angels was transferred to Envestors last year.

Braveheart had £121m under management at the year to March 2013.

Download the latest AIM Journal from wwww.hubinvest.com/AIMPDFDecember2013_51.pdf

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