11th Sep 2025 17:47
(Alliance News) - Jade Road Investments Ltd on Thursday said it has raised GBP1.2 million through a subscription by investment firm NOIA Capital (DIFC) Ltd.
The Hong Kong-based investment company said the subscription was for 200 million shares at 0.6 pence per share, bringing NOIA's stake in Jade Road's enlarged share capital to 83.85%.
Two new directors nominated by NOIA have been appointed to Jade Road's board.
The board now plans to seek a "whitewash resolution" to avoid a compulsory cash offer from NOIA, as "when any shareholder acquires...an interest in Jade's shares which carry 30% or more of the voting rights of the company, such shareholder shall be obliged to extend an offer to the holders of all the issued shares in the company," Jade Road said.
This obligation can be removed, however, by shareholders independent of NOIA consenting to the subscription - the "whitewash resolution".
"The board concluded that it was imperative for the company's survival, given its precarious financial position, that the subscription was completed urgently and prior to a whitewash resolution having been obtained," Jade Road explained.
As of Thursday, Jade Road said Heirloom Investment Management LLC intends to vote in favour of the whitewash resolution, "which together will represent 55.56% of the shares held by independent shareholders of the company following completion of the subscription".
Jade Road also on Thursday said it intends to put forward plans to change its investment policy.
Shares in Jade Road Investments are currently suspended from trading on AIM, as a result of not having substantially implemented its investing policy within 12 months since the disposal of its legacy assets on May 29, 2024.
Should Jade Road fail to make investments in line with its policy by the end of November, its shares will be cancelled from trading on London's AIM.
Jade Road said: "The board is pleased that the company will now be able to continue on a significantly stronger financial footing and intends to raise further funds beyond this subscription in due course."
By Emily Parsons, Alliance News reporter
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