IN BRIEF: Shaires hits USD100 million fundraise goal as eyes AI deals
Shaires Holdings Ltd - late-stage technology and AI investor formerly known as Jade Road Investments Ltd - Raises USD14.3 million gross in equity, selling 715,306 new shares at USD20.00 per shares. Of the total raise, USD10.9 million is from an institutional placing and USD3.4 million from a retail offer. Shaires notes that over 670 new shareholders have come on board via the retail offer. The fresh equity will be deployed into a pipeline worth "in excess of USD500 million" that is "under active negotiation". Shaires also notes "continued engagement with a number of institutional investors regarding participation in the company's next phase of growth". Shaires says USD78.0 million of capital and contributed assets has been raised in total in recent months, and binding agreements give Shaires the right to acquire up to an additional USD30 million of contributed assets. This would bring the total raise and contributed shares to USD108.0 million, exceeding its initial objective of USD100 million.
The equity raise follows the appointment back in July of a new leadership team to lead Shaires' new investment strategy of taking "a small number of high-conviction positions in category-defining businesses", rather than pursuing diversification. Suhail Rizvi is executive chair, Vick Seth is chief executive officer, and Shervin Pishevar is non-executive vice chair. They were described by Shaires at the time as "three highly accomplished technology investors and capital markets professionals from the United States within a London public vehicle".
Shaires resumes trading on AIM on Tuesday following closure of the capital access window. This is a new AIM exchange rule that allows temporary share trading suspensions during equity raises. Also taking advantage of the rule this week have been Rockhopper Exploration PLC and Geo Exploration Ltd.
Shaires current stock price: USD20.00
12-month change: up 63%
By Tom Waite, Alliance News editor
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