News blog
Medsea Estates/AIM Investments
- BY: Andrew Hore |
- POSTED: 08/05/2009 |
Medsea Estates has found a new nominated adviser.
HB resigned as nominated adviser in April and Zimmerman Adams has been appointed as replacement. This seemed unlikely at one stage.
The executive directors of Medsea have acquired the Spain-based estate agency for €1 plus potential deferred consideration based on the sale of development properties over a five year period. The deferred consideration is only payable to the minority shareholders - not the executive directors that bought the business.
This turns the company into a shell which is changing its name to AIM Investments. The plan is “to invest in profitable companies in emerging economies in particular from Brazil, Russia, India and Asia“. The company will invest in a “passive capacity”.
Executive directors Tony Gatehouse and Juan Carlos Rodriguez have resigned from the board following the disposal. John Frankland was appointed as an independent non-executive prior to the EGM on 30 April 2009. He advised that the disposal was “fair and reasonable”.
Andrew Meikle has joined the board as chairman. The company needs to raise cash in order to make investments. It wanted to buy a fund management business but this deal is unlikely in the short-term.
The shares were suspended at 0.18p each on 6 April 2009, which valued the company at £140,000. Share trading will recommence on 11 May 2009.
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