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  • BY: Andrew Hore |
  • POSTED: 05/09/2014 |

Cash shell Sacoven plans to join the AltX market in South Africa. 

In June 2012, Jersey-registered Sacoven raised £3m at £1 a share and had previously raised £3m. No new funds will be raised when Sacoven joins AltX on 12 September. Cash will be raised when an acquisition is identified.

In the past two years Sacoven has failed to find a suitable acquisition and it has widened its investing strategy to include Africa. The original focus was on natural resources or consumer goods sectors in Europe and emerging markets. The acquisition should be worth between £200m and £500m. Sacoven has to seek shareholder approval in October for a further 12 months to seek an acquisition.

Sacoven had £3.73m in the bank at the end of March 2014. The company’s investment adviser Vasari Global had been paid £1.32m up to the end of March 2014.

Despite the lack of progress the share price has risen to 212.5p since trading started on Aim, which values Sacoven at £12.5m.

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