American technology entrepreneur Frederick Krueger has floated a shell called Hecta Media Inc.
Krueger has been involved with a number of technology and internet start-ups in the US. He is the largest shareholder in Hecta with 15.4%.
Hecta is registered in the British Virgin Islands and plans to “make broadly distributed investments in niche content web sites and vertically targeted, branded domains”. They are likely to be in the US and Europe. Hecta wants to consolidate websites in specific markets to build a major player in each market.
Hecta will pay a combination of cash and shares for the businesses. The owners are expected to want to realise the value in the businesses that they have built up.
The company raised £4.67m and was valued at £6.5m at a flotation price of 4p. On the first afternoon’s trading the shares rose to 6p - although bid/offer spread was 5p-7p.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.