16th Feb 2015 08:40
LONDON (Alliance News) - Mercia Technologies PLC Monday said it has acquired the remaining 80% of Mercia Fund 2 Ltd for GBP3.3 million, a move that will make it the beneficial owner of the partnership's holdings in 11 technology companies, five of which Mercia already has a direct stake in.
In a statement, Mercia said the deal will lead to the company owning direct stakes in 18 companies.
"The acquisition of Mercia Fund 2 is the final step in moving Mercia from the traditional venture capital model to a blended investment approach, matching investment risk and reward against investor requirements," Mark Payton, chief executive, said in a statement.
According to the company, Aston University and the University of Birmingham, two of the limited partners, have chosen to invest their consideration in Mercia shares at 65.34 pence per share.
As a result, six of the group's nine university partners are now Mercia shareholders.
At the time of Mercia's admission to AIM in December last year, the group acquired a 20% interest in MF2 and agreed to make an offer to each remaining limited partner to purchase their holdings for cash or Mercia shares, based on a total portfolio valuation of GBP4.1 million.
Mercia shares were up 0.2% at 64.87 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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