18th Mar 2021 15:00
Marwyn Acquisition Co I Ltd - listed acquisition vehicle - Set to be renamed AdvancedAdvT Ltd, after raising GBP130 million from a share placing and subscription to pursue its acquisition strategy. Places 94.8 million shares at GBP1 each. Additionally, Chair Vin Murria and Marwyn Asset Management Ltd each subscribe for 17.5 million shares at the same price. Murria, who took the chair on December 31, will have a 13.1% stake and Marwyn AM will have 15.4%.
Separately, Marwyn Value Investors Ltd says GBP13.4 million of the GBP17.5 million invested by Marwyn AM is attributable to it. Marwyn Value Investors will have an 11.8% interest in the rechristened AdvancedAdvT.
Gavin Hugill will join the board of AdvancedAdvT as chief operating officer from April 12. Karen Chandler will join as a non-executive director upon admission of the new shares to the London Main Market on Tuesday next week, while Mark Brangstrup Watts will step down as non-executive director at the same time.
"We are delighted to see such significant investor support for our strategy to capitalise on the opportunities in the software sector, and we look forward to deploying the capital to buy and grow an attractive platform acquisition," Chair Murria says.
By Tom Waite; [email protected]
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