9th Mar 2015 09:59
LONDON (Alliance News) - Marwyn Value Investors Ltd revealed on Monday that it is to back the initial public offering of Zegona Communications PLC, while digital media company Moguldom and commercial real estate company Whitewood REFF Ltd got underway their plans to sell shares on the public exchange.
Marwyn Value Investors, a London-listed company that invests in the Marwyn Value Investors LP Fund, said the underlying fund intends to subscribe for GBP12 million of new shares in Zegona, a company set to float on the London Stock Exchange's AIM.
Zegona, a company set up with a strategy of acquiring and operating European telecommunications, media and technology businesses, is looking to raise up to GBP30 million in an initial public offering, with further capital raisings to be made to help with its strategy.
It was established by Eamonn O'Hare, chairman and chief executive, who is the former chief financial officer of Virgin Media Inc, alongside Chief Operating Officer Robert Samuelson, who was the executive director of group strategy at Virgin Media Inc.
Zegona shares are expected to begin trading on AIM on March 19.
Marwyn Value Investors said the cost of its investment represents about 5.84% of its assets less liabilities.
Also seeking to list on AIM, Moguldom said it looking to raise GBP8 million in its IPO, as it looks to fund the growth of its brands, and to bolster its video content. In the longer term, Moguldom wants to use its AIM listing to "explore the possibility" of acquiring businesses that would complement its existing operations.
Moguldom, which owns a digital media and entertainment platform and content, has a range of websites, with the majority of visitors and revenue coming from African American pop culture and entertainment site Bossip, African American women's interest site MadameNoire, and fashion site StyleBlazer.
Led by Chief Executive Jamarlin Martin, who is also its founder, the website owning company generates revenue from advertising and sponsorship, generating 302 million page views in December 2014. In 2013, Moguldom generated USD15.3 million of revenue, while pretax profit amounted to USD1.3 million. Revenue in 2014, unaudited, amounted to USD20.1 million, while a corresponding profit figure was not disclosed.
Meanwhile, Whitewood REFF Ltd hopes to raise up to GBP125 million to offer secured profit sharing loans on office property markets, primarily in the Benelux region of Belgium, the Netherlands and Luxembourg. Unlike Zegona and Moguldom, Whitewood REFF wants to list on the main market of the London Stock Exchange.
The trust is being launched and advised by Whitewood Capital REIM Ltd, an affiliate of Whitewood Group.
"Whitewood believes that a significant opportunity exists for investors to invest at a discount with limited competition in commercial office properties in stable and sophisticated locations in the Benelux region, owing to limited local finance being available both for re-financing purposes and for new development. Incumbent lenders are over-extended and over-leveraged and there is significant pressure on their balance sheets," Frédéric Van der Planken, managing director of the Whitewood Group, said in a statement.
Elsewhere, Eurocell PLC shares began trading on the main market of the London Stock Exchange. Eurocell, which manufactures and distributes window, door and roofline PVC products, priced its IPO at 175 pence per share last week.
Eurocell shares are trading at 190.5 pence, mid-morning on Monday.
By Samuel Agini; [email protected]; @samuelagini
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