Date: Friday 08 Jun 2012
Cash shell Sacoven has joined the AIM market, after raising funds for investment purposes through a share subscription.
The company raised £3m after issuing shares at £1 a throw. The money will be used to invest in businesses or assets in the natural resources or consumer goods sectors. These sectors have been selected as they are the ones in which the company's investment adviser, Vasari Global, and investment team have relevant expertise, not to mention "an extensive network of relationships".
Vasari Global is an international private wealth, multi-asset investment advisory firm with experience of owning and growing companies across a variety of sectors in Europe, Asia, Africa and South America.
As Sacoven's investment adviser it will provide strategic advice regarding a variety of asset classes and industry sectors with a speciality in branded goods, manufacturing and natural resources.
When looking at acquisitions in the natural resources sector, the company intends to focus on Europe and emerging markets, while in the consumer goods sector, the same geographical focus will apply, save that African companies have been ruled out.
The company does not anticipate the need to use any overdraft or short term borrowing facilities to satisfy short term working capital needs, including meeting any expenses or fees payable by the company, in advance of completion of any acquisition. However, the company does anticipate that debt will be used to fund a proportion of the consideration for the acquisition.
The company does not intend to pay dividends before any acquisition is made. Once an Acquisition has been made, the directors will review this policy based upon the performance of the company following such acquisition.
The company is being advised by Liberum Capital.
or share it with one of these popular networks:
You are here: news