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Summerway Capital sets out new investing policy; announces board changes and placing
StockMarketWire.com
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The board of directors of investment group Summerway Capital has set out proposed amendments to its existing investment policy and proposed directorate changes following the resignations of Alexander Anton and Mark Farmiloe.
It said the revised investing policy will focus on investment and acquisition opportunities across the software, Software-as-a-Service, and digital technologies and services sectors.
Under its new strategy, the company intends to identify target companies within those sectors, where the directors believe there are 'tangible opportunities to drive strategic, operational and performance improvement, either as standalone entities or as a part of an enlarged group'.
The process will include a review of opportunities where the directors have existing relationships, as well as a review of small-cap opportunities across the UK and EU markets.
In addition, Summerway Capital announced the proposed appointments of Vinodka Murria as chairman and Paul Gibson and Anthony Morris as directors after Alexander Anton and Mark Farmiloe resigned.
The company said that, concurrently with Murria's proposed appointment, she has agreed to acquire 500,000 existing ordinary shares at 85p per share from a selling shareholder and subscribe for 1,903,409 new ordinary shares at 88p per share by way of a direct subscription.
Following completion of the transactions, Murria's beneficial interest in ordinary shares of the company will be 2,403,409 ordinary shares, representing 29.9% of the enlarged issued share capital.
The company said it has also conditionally agreed to issue warrants to Murria which provide for a right to subscribe for an additional 3,246,062 new ordinary shares at 88p per share.
If the transactions are completed, the warrant issued and exercised in full, Murria's beneficial interest in the ordinary shares of the company will be 5,649,471 ordinary shares, representing 50.1% of the enlarged issued share capital.
At 2:21pm: (LON:SWC) share price was 0p at 85p
Story provided by StockMarketWire.com
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