News blog

Concha

  • BY: Andrew Hore |
  • POSTED: 12/03/2013 |

Concha, the shell chaired by Chris Akers is making its first investment.

Concha is purchasing a 40% stake in sports and entertainment Apps developer Moshen, whose clients include Manchester United, Manchester City, Chelsea FC and the International Cricket Council. Moshen was founded in 2009.

Concha will pay 250,000 for a 40% stake in Moshen, whose chief executive Graham Baines will still own 55%. Concha will also loan Moshen 250,000 at an interest rate of 5% above the Lloyds TSB base rate. The loan is repayable in 10 monthly instalments from May onwards.

Moshen generated revenues of 1.09m in 2012 but it is still losing money. New product launches will provide further revenue growth in 2013.

Moshen should be the first of a number of investments.

Trading in the shares was suspended on 8 February at 0.036p each, which values the company at 1.13m. Further investments need to be made in order for the suspension to end. A placing will raise 850,000 at 0.35p a share.

Ten existing shares will be consolidated into one new share. This should happen on 8 April. The exercise price of the warrants will also be adjusted.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2013_41.pdf

© 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 This material may not be published, broadcast, rewritten or redistributed.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