TEP Exchange Group is being transformed into an Africa-focused investment company.
TEP is raising £200,000 from a placing at 0.0135p a share, which is a big discount to the market price. At 0.095p a share, TEP is currently valued at £810,000. 630m warrants have been exercised at 0.002p a share.
The current shares and the new warrant shares are entitled to a dividend of 0.02p a share, so the warrant holders will be quids in. The ex-dividend date is 20 march and the dividend will be paid on 12 April.
Once all the shares are issued there will be nearly 3bn in issue.
Abraham Weitz and Moses Kraus will leave the board and Donald Strang, Hamish Harris and Grant Roberts are joining. Strang and Harris are directors of other Aim-quoted investment companies.
Although the main focus will be Africa TEP could invest in other opportunities, which are undervalued or have embedded value that can be unlocked.
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