Mindflair PLC has boosted its stake in Sure Ventures PLC (LSE:SURE) in a bid to capitalise on returns from the fund’s subsidiary’s recently announced disposal.
Some £300,000 was spent on 315,790 new shares at 95p each, taking AIM-listed Mindflair’s holding in Sure Ventures to 23.8%.
Mindflair noted this was to increase exposure to Sure’s partially-owned fund SVV1, which recently announced the US$450 million (£352 million) sale of portfolio metaverse developer Landvault.
“[This] could potentially generate a very significant uplift in the carrying value of this investment with a realisation expected to follow thereafter if this company implements its IPO on Nasdaq,” Mindflair said in a statement.
Mindflair also highlighted a number of SVV1’s “other exciting portfolio companies,” noting a potential boost to profits and cash returns on the back of exposure to these.
“Given the potential returns that may be generated from SVV1, both from the disposal of Landvault and various of its other investments, it makes sense, at this time, for Mindflair to increase its exposure,” director Nicholas Lee added.