3rd Mar 2020 16:38
(Alliance News) - Two Shields Investments PLC on Tuesday said it has signed a commitment to invest a further USD1.0 million in BrandShield Ltd via an extended subscription to the existing convertible loan note.
Two Shields currently holds an 11% interest in BrandShield after investing USD800,000 in March last year. Following a further USD1.0 million investment, Two Shields stake in BrandShield will increase to about 21%.
The AIM-listed company, which invests in cybersecurity, e-commerce and technology-enabled businesses, said the convertible loan note has a 2.5% coupon.
Two Shields said BrandShield is making "good" progress towards its goal of listing on AIM in the second quarter of 2020. The new investment will be used to increase marketing and sales efforts, Two Shields noted.
"Given the excellent growth that BrandShield is delivering, and the progress it is making towards its AIM listing, we believe this investment will prove very attractive for our shareholders," said Two Shields Chair Andrew Lawley.
"The anticipated investment in BrandShield will allow us to capture the many exciting market opportunities we see," added BrandShield Chief Executive Yoav Keren.
Two Shields shares closed 12% higher in London on Tuesday at 0.11 pence each.
By Evelina Grecenko; [email protected]
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