Eight Capital Partners PLC - London-based, Aquis-listed investment company - Buys Innovative Finance SRL for an initial EUR2.5 million, with a further earnout of up to EUR2.5 million. Innovative Finance is a corporate finance advisory business. ECP had an option to buy 60% of Innovative Finance but decided buying the whole company would further its strategy of investing in fintech. Transaction funded through cash, shares, vendor loan, listed bonds and the offset of the option agreement.
ECP Chair Dominic White agrees to provide a EUR1.1 million, 24-month unsecured loan to ECP with 5% interest to fund the acquisition. IWEP Ltd, a company controlled by White, converts GBP27,000 of its outstanding vendor loan into ECP shares at a price of 0.039 pence per share.
Current stock price: 0.0575 pence
Year-to-date change: up 92%
By Ivan Edwards; ivanedwards@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.