17th Sep 2019 13:47
(Alliance News) - All Asia Asset Capital Ltd on Tuesday said it has conditionally raised GBP125,000 in a share placing and will propose changing its investing policy.
The company placed 31.3 million new ordinary shares at 0.40 pence apiece. Shares in All Asia Asset were untraded in London on Tuesday afternoon, last quoted at 0.40p. The proceeds will be used for additional working capital, the company added.
All Asia Asset is also seeking shareholder permission to widen the geographic focus of its investing policy. At the moment, the firm primarily invests in Asia-Pacific company's but now proposes to begin investing in companies in Europe.
The company will also pitch changing its name to All Active Asset Capital Ltd, "in order to align the company's name with the proposed investing policy".
James Normand is set to join the company as an executive director, All Asia added. Norman, who has a non-executive role with fellow London-listed firm Global Resources Investment Trust PLC, will join All Asia's board when the placed shares are admitted to trading.
All Asia's shareholders will meet for an extraordinary general meeting on October 10.
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