EMV Capital (AIM:EMVC, FRA:NTK1), the AIM-listed deep tech and life sciences investment group, said it would deconsolidate two portfolio companies after fundraisings cut its holdings in each below 50%.
The change took effect from 30 June, with Glycotest and ProAxsis to be accounted for as associates rather than subsidiaries.
Glycotest, a US liver cancer diagnostics company, closed a first tranche of about $3.22 million, comprising roughly $1.05 million of cash and $2.17 million from converting existing loans.
The round took the group's equity stake to 48.67% on a fully diluted basis, valuing the holding at £13.7 million.
That marks a 24.3% increase on the £11 million fair value carried at the end of 2025.
The value of third-party assets under management with Glycotest rose about 191% to £5.2 million.
ProAxsis, a respiratory diagnostics company, completed a share reorganisation to qualify for the Enterprise Investment Scheme ahead of a proposed fundraising of up to £1 million.
The move left the group holding 49.87% of ProAxsis, with warrants exercisable only as further shares are issued.
ProAxsis also refinanced an existing loan of about £525,000 with AB Group, a transaction classified as related party under AIM rules given AB Group's associations with a 14.43% shareholder in EMV Capital (AIM:EMVC).
Chief executive Ilian Iliev said the fundraisings marked the two companies' transition from incubation to independently funded growth, and made the group's investment case easier for shareholders to understand.
He added: "The deconsolidation makes EMV Capital's investment case easier to understand for our shareholders and investors.
"With both companies now accounted for as investments in associates, our consolidated results will more clearly reflect our core venture capital and fund management operations. Shareholders, equity analysts and co-investors can assess more easily the underlying value and earnings power of the business."
