7th Nov 2024 13:33
Selkirk Group PLC - London-based acquisition vehicle focused on consumer, technology and digital media sectors in the UK - Selkirk shares rise 25% as they start trading on AIM on Thursday. Selkirk priced its initial public offering in London at 2.4 pence per share, raising GBP7.5 million and giving the company a starting market capitalisation of GBP10 million. The stock was quoted at 3.0p on Thursday afternoon.
Prior to the IPO, which was run by Zeus Capital Ltd, Selkirk was half owned by London-listed investor Kelso Group Holdings PLC and half by funds controlled by Belerion Capital Group. Their holdings will fall to 18.1% and 16.6%, respectively. Terry Leahy, the former chief executive officer of grocer Tesco PLC, will have just under a 10% stake following the IPO. Selkirk aims to buy a company with an enterprise value of between GBP30 million and GBP1 billion in a reverse takeover.
Separately, Kelso said Oliver Hemsley, the founder of City broker Numis Securities, has agreed to be chair of Kelso's new advisory board. It has issued Hemsley with warrants to subscribe for 10 million Kelso shares at 4.0 pence per share for the next five years. The stock is currently quoted at 3.93p.
By Tom Waite, Alliance News editor
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