22nd Mar 2019 14:32
LONDON (Alliance News) - Record PLC on Friday said it has subscribed for 40% of the share capital of newly founded pay-to-enter competition firm Trade Record Ltd.
Shares in Record were up 5.1% at 29.90 pence on Friday.
Record paid GBP40,000 for the stake and has entered a shareholders' agreement with Trade Record shareholders Leslie Hill and Bob Noyen - both of whom are also directors at Record - as well as one other undisclosed shareholder.
Trade Record was established in order to offer pay-to-enter competitions, through which subscribers trade digital money and can win cash prizes.
The GBP40,000 will be funded through Record's cash resources. The gross assets of Trade Record at subscription totalled GBP80,000 and, having only recently been formed, it has thus far generated no profit.
"Record is optimistic that its investment in Trade Record will allow Record to benefit from its associated branding including in recruitment, as well as offering the opportunity to create shareholder value in a business that offers significant diversification from Record's established currency management business," said Record in statement Friday.
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