News blog

Evolve Capital

• BY: Andrew Hore |
• POSTED: 23/01/2013 |

Investment company Evolve Capital says that there is a potential bid of no more than 0.35p a share.

The share price rose 0.12p to 0.28p, which values Evolve at £840,000. That is still less than half the share price one year ago. Net asset value was £4.31m at the end of June 2012, but this is likely to be lower now. An open offer in 2010 raised £524,000 at 0.5p a share.

Kimono Investment Holdings Limited and Mrs Susan Vandyk have approached the company concerning a potential offer. According to the Evolve website, Kimono, which is a trust for Oliver Vaughan’s three adult children, owns 5.54% of Evolve and Susan Vandyk’s stake is included in Edward Vandyk’s 4.69% stake. Evolve chairman Oliver Vaughan owns 10.84% of the company, while Tom Vaughan owns 4.71%.

Evolve is still going ahead with the cancellation of its Aim quotation. On the 8 January a general meeting resolution to transfer the ownership of ISDX adviser St Helens was passed by shareholders but the meeting was adjourned until 29 January so that there was more time before the vote on the AIM cancellation. 

There were concerns about the provision of information and corporate governance.

Evolve has agreed to liquidate its assets and return cash, or even assets, to shareholders when practical and will not make any more long-term investments. There will be wind up votes at the annual general meeting in 2014 and every subsequent year. If a yes vote is not recommended the board will set out how it will realise the remaining investments and the potential timescale.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2013_40.pdf