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OFEX beckons first shell

Article Date:  Apr 22 2005


Entrepreneur Jon Pither, former chairman of Gold Mines of Sardinia and a director in the F&C fund management group, is seeking to raise £500,000 at 2p for JGP Investments, the first cash shell on the OFEX private share market.

Adviser St Helen’s Capital is helping Pither drum up investor support for JGP, which will concentrate on acquisitions and/or investments in the leisure and entertainment sectors. It is understood that the company already has several investment targets in its sights.

St Helen’s points out that JGP’s founders are themselves in at 2p, the same price as outside investors are being offered, though they do have warrants as well. The new regime at OFEX only recently made the private dealing facility available to shell companies and the hope is that more will follow now that impending AIM rule changes will make it harder for small shells to join the London Stock Exchange’s junior market.

JGP is expected to make its OFEX debut on Thursday 12 May.


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