8th Jan 2016 12:58
LONDON (Alliance News) - Braveheart Investment Group PLC on Friday said it has sold its 33.3% stake in WhiteRock Capital Partners LLP, which was established with NEL Fund Managers and Clarendon Fund Managers to manage the Growth Loan Fund in Northern Ireland, for GBP100,000 in cash.
Braveheart sold its stake in the business to WhiteRock's management team, which is led by Chief Investment Officer Paul Millar, and the sale price measures up against the GBP5,000 valuation ascribed to the investment in the company's accounts at the end of September.
"The profit attributable to the interest included in Braveheart's accounts for the year ended 30 September 2015 was GBP105,000, which included a number of non-recurring items. The proceeds of the sale of the interest, together with the repayment of a loan to the Growth Loan Fund of GBP106,000, and the release of an obligation on Braveheart to invest a further GBP105,000 into the fund, will increase the company's cash reserves and will be used for general working capital," Braveheart said.
The Growth Loan Fund lends money to smaller businesses, generally in the manufacturing, engineering or tradable services sectors, in Northern Ireland.
Shares in Braveheart were untraded on Friday. The stock last traded at 7.36 pence.
By Samuel Agini; [email protected]; @samuelagini
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