Ofex investor splashes out
Article Date: Sep 01 2000Ectwo.com, the investment group set up by adviser Daniel Stewart to back companies on the J P Jenkins share market, has made three significant purchases of late and its shares have begun to show signs of life.
Life on Ofex has been pretty bleak up till now for specialist investment company ectwo.com. Launched in April at 15p a share by Daniel Stewart, one of the most experienced players in the Jenkins market, its shares lost ground immediately and finally fell to 6.5p.
Now, the price has bounced back up to 13.25p and ectwo.com is showing new signs of life. The other day, it spent £500,000 on subscribing to the 50p a share float of Associated Network Solutions, whose shares have promptly bounded forward to 80p. Ectwo.com has also invested £250,000 through a private placing in London Capital, an entertainment information website focused on leading capital cities around the world. In addition, the company has bought £500,000 of Ofex-traded gambling group Sportingbet.com's 10 per cent loan stock, convertible into shares at 150p each - against a present price of 197p - and has an option to buy nearly 345,000 shares at 145p apiece.
Later developments of significance will be covered in the OffExchange newsletter.
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