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