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Evolve Capital

  • BY: Andrew Hore |
  • POSTED: 26/08/2010 |

Plus-quoted-focused investment company Evolve Capital says 52% of the shares in its open offer were taken up by shareholders.

Evolve raised just short of £518,000 at 0.5p a share and the shortfall of £486,000 will come from loan notes subscribed for by Kimono, whose beneficial owners are the children of Evolve chairman Oliver Vaughan.

The take-up announcement was published just over two days after the open offer closed on 24 August.

The general meeting to enable the shares to be issued has been adjourned until 8 September following Evolve’s failure to send out the correctly worded documentation.

The share price rose 0.25p to 1p, which values the current share capital at £1.78m.

There was no mention in the statement of the general meeting being requisitioned by rebel shareholders owning 5.79% of the company. It has not been convened yet. This means that it can’t be held until after the adjourned meeting.

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