5th Jan 2022 11:35
(Alliance News) - Shares in ad agency M&C Saatchi PLC leapt on Wednesday after a London-listed acquisition company confirmed it had bought a 9.8% stake.
AdvancedAdvT Ltd, a London Main Market-listed acquisition vehicle, said it bought 12.0 million M&C Saatchi shares for GBP2.00 each, making the total value of the deal GBP24.0 million.
Shares in M&C surged 14% in response to 191.00 pence each on Wednesday morning in London, while shares in AdvancedAdvT rose 0.7% to 104.70 pence each.
AdvancedAdvT said it viewed the acquisition of the shareholding in the London-based advertising agency as a "good investment opportunity".
AdvancedAdvT, formerly known as Marwyn Acquisition Co I Ltd, listed in March. Marwyn Investment Management has a 15% stake, while Chair Vin Murria has 13%.
By Elizabeth Winter; [email protected]
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