Scottish investment firm Braveheart has raised almost £1m through a substantial share placing, while finding replacements for two of its biggest institutional shareholders.
The company has made around £950,000 by placing more than 4.13 million shares on the stock market, valued at 23 pence per share.
The placing, which represents around 21.9% of the issued share capital of the group, will be used to fund further investment in high-growth businesses.
Braveheart has recently invested in a number of small businesses, including Pyreus, Chargemaster and Tayside Flow Technologies. The fresh funding could lead to similar investments in new and growing enterprises.
Meanwhile, Braveheart has placed the existing shareholdings of both Kenmore Private Equity Ltd and Uberior Investments plc with new investors. Chief executive Geoffrey Thomson has surrendered 15% of his shareholding to facilitate the deal.
Speaking about the share overhaul, Thomson said:
“This placing we have announced today gives us new capital to continue our business development and it resolves the issue of liquidity by bringing in new investors to replace those who have been seeking to exit as part of a portfolio realisation plan.
“The new shareholders are, by and large, family office investors who have invested for strategic reasons.”