10th Mar 2020 18:31
(Alliance News) - Two Shields Investments PLC on Tuesday announced a share swap agreement with a shareholder and an investee.
The shareholder will be swapping shares in WeShop Ltd, an investee of Two Shields, in return for new shares in Two Shields.
WeShop is a social network platform focused on e-commerce. Its offering is specially tailored to the individual user of a website.
Two Shields will issue 615.6 million shares as part of the swap, increasing its holding in WeShop to 11% from 7.6%. The WeShop shareholder is called Richard Griffiths.
"The board of Two Shields is delighted to have the opportunity to further increase our holding in WeShop as it continues its development into a global social commerce company," said Two Shields Chair Andrew Lawley.
"The transaction is consistent with our stated strategy to increase our support for the high-growth technology enabled businesses in our portfolio while carefully considering opportunities to reduce exposure to the legacy exploration assets."
"I believe the next six-month period will prove incredibly exciting for Two Shields on a number of fronts and I look forward to updating the market with developments in the near future," he added.
Two Shields shares closed 2.1% higher on Tuesday at a price of 0.088 pence each.
By George Collard; [email protected]
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