£1m OFEX fund mooted
Article Date: Sep 08 2005
Small company adviser St Helen's Capital – whose recent floats include uranium investor Yellowcake and deal-poised shell JPG – wants to assemble £1 million to back companies on the OFEX private share market.
An active OFEX issuer, St Helen's hopes to attract 'founder' shareholders to back the fund at a pre-float bargain price before supporting the OFEX float itself at a higher level. St Helen's boss Tony Drury is encouraged in this project by OFEX operator PLUS Market's £2.5 million fundraising at 5p, which he hopes will enable the share market to offer an alternative, cheaper trading platform for lower-tier AIM stocks.
St Helen's has also raised £200,000 of a target £500,000 at 3p for iWM, Investments West Midlands, another investment shell. iWM is headed by Birmingham accountant and entrepreneur John Wheatley, a friend of Sir Digby Jones, director-general of the Confederation of British Industries.
Drury says St Helen's hopes to have AIM nominated adviser status by the end of the year.
